Sumitomo Mitsui Banking Corporation (SMBC) acquired 24.26% shares of Bank Tabungan Pensiunan Nasional (BTPN) for US$937 million five years ago at enterprise value of US$3.9 billion. Today, BTPN’s market capitalization is Rp18.5 trillion or US$1.38 billion only. Not only its value eroded significantly, financial performance of BTPN also weakened in the past few years.To subscribe please click here