Bank BTPN Acquires PT Oto Multiartha and PT Summit Oto Finance – Solopos.com

SOLOPOS.COM – President Director of PT Bank BTPN Tbk Henoch Munandar (right) and President Director of PT Summit Oto Finance and CEO of OTO Group Victoria Rusna, at the press conference for the Finalization of Bank BTPN’s Acquisition of OTO Group, on Wednesday (27/3/2024 ).(Special/Bank BTPN)

Solopos.com, SOLO — PT Bank BTPN Tbk (Bank BTPN) acquired two financing companies, namely PT Oto Multiartha (OTO) and PT Summit Oto Finance (SOF) (OTO Group) which are also companies providing financial solutions in Indonesia. This step aims to strengthen its commitment as a provider of comprehensive financial solutions for customers.

This acquisition also strengthens the synergy between Bank BTPN and OTO Group in capturing opportunities for growth in the four-wheeled and two-wheeled vehicle financing market in Indonesia. The joining of Bank BTPN as a new shareholder is a positive step so that OTO Group can continue to provide financing products and services that are increasingly comprehensive and more relevant to the community.

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President Director of PT Bank BTPN Tbk., Henoch Munandar, explained that Bank BTPN’s acquisition of OTO Group was an important milestone for Bank BTPN in providing an increasingly complete business portfolio to serve a wider customer segment.

“The joining of the OTO Group into the Bank BTPN ecosystem can encourage product and service innovation to become more relevant, provide added value and encourage the creation of a more meaningful life for all stakeholders, especially our customers,” said Henoch in a press release received Solopos.com, Sunday (31/3/2024).

After completion of the acquisition, the share ownership composition of OTO and SOF is Bank BTPN at 51%, PT Summit Auto Group which is a subsidiary of Sumitomo Corporation at 34%, and PT Sinar Mas Multiartha Tbk at 15%. The integration of OTO Group into the BTPN Bank network is expected to further complement the Company’s portfolio of products and services that are always relevant to customers.

Enoch explained that this synergy is also projected to open up various new opportunities to meet the financial needs of the Indonesian people, especially in the four-wheeled and two-wheeled vehicle financing sector.

“With a widely spread customer base, utilization of infrastructure and distribution networks from both companies, Bank BTPN can increase market penetration in segments that were previously unreachable. “We believe that with the existing market potential and focus on quality service that prioritizes the customer-first principle, Bank BTPN together with the OTO Group can strengthen customer trust and achieve sustainable business growth,” he said.

President Director of SOF and CEO of OTO Group, Victoria Rusna, explained that the completion of this acquisition was an important achievement for the OTO Group during its almost three decades of serving the Indonesian people.

He said the synergy with Bank BTPN would motivate the OTO Group to continue to grow sustainably to become a trusted provider of financial solutions for the community. And it can create a financing ecosystem that has a wider reach to the community, especially communities in remote areas or those that have not yet been reached by financial services.

The collaboration between Bank BTPN and OTO Group will cover several scopes, including joint financing, expanding the ecosystem for both entities through the use of their respective branch networks in Indonesia.

This acquisition is also to improve human resources (HR) through various joint training programs. It is also hoped that the collaboration between Bank BTPN and OTO Group will expand the potential of the OTO Group’s customer base, as well as improve the quality of financial life of the Indonesian people.