Bank Tabungan Pensiunan Nasional (BTPN) and Bank Sumitomo Mitsui Indonesia (SMBCI) are set to merge with combined assets of Rp179 trillion. BTPN will be the surviving entity. Both banks are controlled by Sumitomo Mitsui Banking Corporation (SMBC). SMCB holds 40% stake in BTPN and controls 98.48% stake in SMBCI.

Ongki Wanadjati Dana, currently acting as vice president for BTPN, are appointed as president director for BTPN after merger. SMBC will soon propose this merger to Financial Services Authority (OJK). SMBCI disbursed loan of Rp64.3 trillion per March this year.

Meanwhile BTPN booked net profit after tax of Rp1.09 trillion in H1 of 2018, grew 16.76% from Rp935 billion in the corresponding period of 2017. BTPN however reported a slower lending, only growing 2% to Rp67.8 trillion in H1 this year. Its CAR stood at 24.1% while NPL reached 1.13%. Third party funds increased 4% to Rp72 trillion.