Jakarta. Bank BTPN has officially rebranded as Bank SMBC Indonesia following approval at an Extraordinary General Meeting of Shareholders on Thursday.

As of June 2024, BTPN, which merged with Bank Sumitomo Mitsui Indonesia in 2019, is primarily owned by Sumitomo Mitsui Banking Corporation, holding a 91.05 percent stake. Bank Central Asia owns 1.03 percent, Bank Negara Indonesia 0.11 percent, with the remaining 7.81 percent publicly held.

"We believe this transformation will bolster BTPN’s position in the domestic market and enhance its relevance to a broader customer base,” said Henoch Munandar, President Director of Bank SMBC Indonesia.

As of June 2024, the bank reported sustainable financing of Rp 16.33 trillion, including green loans and MSME loans. Credit disbursement through its Jenius app grew 134 percent year-on-year to Rp 3.1 trillion, while third-party funds increased by 10 percent year-on-year to Rp 27.2 trillion.

These results contributed to a strong first half in 2024, with the bank’s assets rising 22 percent year-on-year to Rp 235.8 trillion, credit disbursement growing 19 percent to Rp 176.2 trillion, and net interest income increasing 17 percent to nearly Rp 7 trillion.