Jakarta, 5 October 2018 – The extraordinary general meeting of shareholders (EGMS) of PT Bank Tabungan Pensiunan Nasional Tbk (BTPN) has agreed the abridged merger plan of BTPN and PT Bank Sumitomo Mitsui Indonesia (SMBCI) including the changes of the board of directors and commissioners and the articles of association.
“The management will deliver the results of the EGMS to the regulator as part of the legal process in obtaining the merger approval. Although the EGMS has agreed the changes of the management, the bank’s operational service will continue without disruptions because the current management will continue to carry out its duties until the effective date of the merger,” said Jerry Ng, BTPN President Director.
BTPN and SMBCI publicly announced the abridged merger plan of both banks on 2 August 2018 and additional information of the abridged merger plan on 3 September 2018 and 3 October 2018. Sumitomo Mitsui Banking Corporation (SMBC) is the controlling shareholder in both BTPN and SMBCI with 40% and 98.48% shareholding interests respectively. SMBC is a wholly-owned subsidiary of Sumitomo Mitsui Financial Group (SMFG).
In the Board of Commissioners and Directors, the EGMS has agreed that Mari Elka Pangestu will remain as the President Commissioner (independent), while Ongki Wanadjati Dana will be the President Director. The board of management of the new-merged bank is subject to the regulator’s approval through a fit and proper test.
“In the changes of the articles of association, the EGMS has agreed to keep the BTPN’s name. The new-merged bank’s business will be more complete with products that are increasingly varied and supported by technology innovation. The bank will serve customers, starting from the bottom-of-the-pyramid of business of BTPN Wow! – serving millions of customers through the bank’s agents, to large international corporations. We are certain that the new BTPN will improve its quality of services and increase our customers’ trust,” Jerry said.