January 29, 2018 / 7:21 AM / 6 months ago

Indonesia's BTPN says to prepare for merger with Japan SMFG's local unit

JAKARTA (Reuters) - Indonesian lender BTPN said on Monday it will conduct an assessment and technical preparation “to begin the merger” with PT Bank Sumitomo Mitsui Indonesia, a unit of Japan’s Sumitomo Mitsui Financial Group (SMFG).

FILE PHOTO: Logo of Bank Tabungan Pensiunan Negara is seen in the bank's headquarters in Jakarta, Indonesia, May 11, 2011. REUTERS/Enny Nuraheni/File Photo

SMFG owns 40 percent of PT Bank Tabungan Pensiunan Nasional (BTPN) and the Japanese lender’s CEO said last month the company is keen to raise its stake to a majority in BTPN if Indonesian authorities permit.

Reporting by Cindy Silviana; Writing by Fransiska Nangoy; Editing by Muralikumar Anantharaman

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