PT Bank Tabungan Pensiunan Nasional and PT Bank Sumitomo Mitsui Indonesia work on the merger.

BTPN and the Indonesian unit of Tokyo-listed Sumitomo Mitsui Financial Group announced plans to merge this year after the Japanese lender’s chief executive said it was keen to increase its ownership in BTPN from 40%. Indonesia Financial Service Authority has approved the merger and it is expected to close as of 1st February of 2019.