SMBC acquires controlling stake in Indonesia’s OTO Group

Sumitomo Mitsui Financial Group, Sumitomo Mitsui Banking Corporation (SMBC), and Sumitomo Corporation (SC Group) announced that SMBC and SC Group will sell the stock of PT Oto Multiartha and PT Summit Oto Finance respectively, to PT BANK BTPN, a subsidiary of SMBC.

After completion of the relevant transactions, which is subjected to approval of the relevant authorities, the ownership of each company in the OTO Group will be 51.0% for Bank BTPN, 34.0% for SC Group, and 15.0% for PT. Sinar Mas Multiartha Tbk.

SMBC Group and SC Group have positioned OTO Group as a joint business in the field of multi-finance business in Indonesia, and agreed this change of shareholders composition after the consideration of the OTO Group’s business plan and operations in future.

SMBC Group and SC Group aim to strengthen the Bank BTPN’s and OTO Group’s business basement by utilizing knowledge and networks of the groups to realize a sustainable expansion and growth strategy while capturing the growth of four-wheel and two-wheel financing market in Indonesia and considering the shift to EVs and a decarbonized society.

This article is part of our Tokyo FinTech Publication, please follow us to read more from our writers, like hundreds of readers do every day. Please also register for our short weekly digest, the “Japan FinTech Observer”, on Medium or on LinkedIn.

Should you live in Tokyo, or just pass through, please also join our Tokyo FinTech Meetup. In any case, our YouTube channel and LinkedIn page are there for you as well.