Bank BTPN

Bank BTPN was founded in 1958, originally as Bank Pegawai Pensiunan Militer (BAPEMIL), to handle Indonesian military pension funds. Capitalizing on its original management resources, the bank developed deposit and loan services for military veterans and converted to a commercial bank in 1960. In 1986, the business was transferred from BAPEMIL to PT Bank Tabungan Pensiunan Nasional Tbk (BTPN), which was established in 1985.

In 2002, when BTPN was suffering from financial difficulties after the Asian currency crisis, the Indonesian government purchased a 28.39% equity stake in the bank to expedite the company’s restructuring. In March 2008, all the relevant government holdings were sold off to the market as the bank’s financial position improved, and its shares were listed on the Indonesia Stock Exchange. Immediately after going public, BTPN had a change in its ownership, as TPG Nusantara (a joint venture of U.S. investment fund Texas Pacific Group and Indonesian private equity fund Northstar) bought a stake in the company from its existing shareholders, principally private equity funds, to take control (ownership: 71.61%). Then, the bank started to broaden the range of services it provided over the years from 2008 to 2014, entering markets for micro-, small- and medium-enterprise, upscale retail, and Islamic banking. In 2011, BTPN launched an empowerment program for the mass market under the name of Daya. The program provides education and employment support to customers from the mass market to help them support themselves in a sustainable manner in both their business and private lives. The activity has become an essential part of BTPN’s operations.

In May 2013, Sumitomo Mitsui Banking Corporation (SMBC) acquired a 24.26% stake in BTPN from TPG Nusantara and others and made it an equity-method affiliate. In March 2014, SMBC additionally purchased a 15.74% stake to raise its ownership in the company to 40%.

In February 2019, BTPN merged with Bank Sumitomo Mitsui Indonesia, which specialized in the wholesale banking business, and became a consolidated subsidiary of SMBC. The new bank changed its company name from BTPN to PT Bank BTPN Tbk (Bank BTPN). As of the end of fiscal year 2020, Bank BTPN has 1.3 trillion yen in total assets.