Sumitomo Corporation acquires shares of Indonesian Commercial Bank

OREANDA-NEWS. February 20, 2015. Sumitomo Corporation (Head Office: Chuo-ku, Tokyo, President and CEO: Kuniharu Nakamura), through an affiliate, has acquired an additional 17.5% of the outstanding common stock of Indonesian commercial bank PT. Bank Tabungan Pensiunan Nasional Tbk (Head Office: Jakarta, Indonesia, President and CEO: Jerry Ng; hereinafter, “BTPN”), bringing its total ownership interest to 20%.

The Sumitomo Corporation Group has a strategic industrial focus on expanding retail businesses in Asian countries and is applying various approaches to overseas markets in order to tap the voracious consumer demands of the growing middle classes in emerging countries. Indonesia, as part of the vibrant Asian regional economy, is one of the most important markets for the Sumitomo Corporation Group, which has operated a variety of businesses in the country for more than 60 years. As part of its long-term approach, Sumitomo Corporation is investing in Indonesia’s financial sector, particularly BTPN, which focuses on mass market.

The Sumitomo Corporation Group will continue to expand its business portfolio in Asia in order to build a robust revenue base while making significant contributions to the economic growth of the region, including Indonesia.