Tag: SMBC

SMBC & Reality Check of BTPN

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.

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M&A Update

The Business Competition Supervisory Commission (KPPU) expects the merger and accquisition (M&A) activities conducted by foreign firms with domestic players to continue this year, mainly in the financial sector along with the growing financial technology (fintech), and the processing industry.

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