January 29, 2018 / 7:23 AM / a year ago

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

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

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).

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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