Heaptalk, Jakarta — PT Bank BTPN Tbk has completed its strategic acquisition of two financing companies of OTO Group, PT Oto Multiartha (OTO) and PT Summit Oto Finance (SOF), with a value of up to US$412 million (around Rp6.55 trillion).
Following the finalization of this strategic acquisition, The composition of OTO and SOF stocks include:
- Bank BTPN’s share ownership of 51%
- PT Summit Auto Group (a subsidiary of Sumitomo Corporation) by 34%
- PT Sinar Mas Multiartha Tbk’s share ownership is at 15%.
“Previously, we have accomplished rights worth US$423 million (around Rp6.73 trillion). Meanwhile, we conducted this acquisition with a value of US$412 million. The integration of OTO Group into the BTPN network is expected further to complement the company’s portfolio of products and services to be more relevant to customers,” President Director of Bank BTPN Henoch Munandar said during the press conference. (03/27)
Bank BTPN is known to obtain permission to increase capital by conducting a rights issue. This banking company issued around 3 billion shares valued at Rp20 per stock.
Furthermore, the collaboration between Bank BTPN and OTO Group will consist of several scopes, spanning joint financing, expanding the ecosystem for both entities through their respective branch networks in Indonesia, and enhancing human resources through multiple training programs. These moves are expected to broaden OTO Group’s customer base and improve the quality of life in society.
In response to this effort, the President, Director of SOF, and CEO of OTO Group, Victoria Rusna, claimed that completing this acquisition is an outstanding milestone for the OTO Group in its nearly three decades of community service. In the context of business growth rate, he hopes this step can improve financing performance after recording growth of around Rp15 – Rp16 trillion annually.
“Synergy with Bank BTPN will motivate us to grow sustainably as a provider of financial solutions for the community and create a broader financing ecosystem for the community, specifically in remote areas,” Rusna said.
Before completing this acquisition, Bank BTPN recorded its net interest improvement of 3% YoY, attaining US$758 million in 2023, compared to the former at US$736 million in 2022. The enhancement influenced the company’s Net Interest Margin, which was maintained at 6.45% last year. BTPN’s credit distribution also uplifted by 7% YoY, reaching US$9.8 billion. Also, the consolidated net profit of BTPN attributed to the parent entity touched US$144 million in 2023.
