Oto Multiartha and Summit Oto Finance Officially Change Owners, Redeemed for IDR 6.55 Trillion

Bisnis.com, JAKARTA — PT Bank BTPN Tbk (Bank BTPN) has officially completed the acquisition of two Oto Group leasing companies, namely PT Oto Multiartha (OTO) and PT Summit Oto Finance (SOF) worth IDR 6.55 trillion.

Victoria Rusna, President Director of SOF and CEO of OTO Group, said that the completion of this acquisition was an important achievement for the OTO Group during its nearly three decades of serving the Indonesian people. He said the synergy with Bank BTPN will motivate the OTO Group to continue to grow sustainably to become a trusted provider of financial solutions for the community, and 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.

According to him, after the completion of the acquisition, the share ownership composition of OTO and SOF became 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%.

Henoch Munandar, President Director of PT Bank BTPN Tbk. said that the acquisition of Oto Multiartha and Summit Oto Finance was an important milestone for the company in providing a more complete business portfolio to serve a wider customer segment. Apart from that, Henoch said that Oto Group joining the BPTN Bank system could encourage product and service innovation to make it even more relevant.

“As well as providing added value and encouraging the creation of a more meaningful life for all stakeholders, especially for our customers,” said Henoch at a press conference in Jakarta, Wednesday (27/3/2024).

Henoch said that his party also hopes that with this acquisition, Bank BTPN can provide more products and services according to customer needs, both for two-wheeled and four-wheeled vehicles. This acquisition, continued Henoch, will also open up new opportunities for BPTN bank to increase synergy between vehicle financing services and other financial services such as savings, investment and digital banking services.

In the future, Henoch said that with bank integration services, BTPN will collaborate with Oto Group through joint financing, creating a wider ecosystem for both entities through the use of their respective branch networks in Indonesia. As well as increasing human resources through various joint training programs.

“As a pioneer of digital banking, we will accelerate market penetration for growth in all segments, especially motor vehicle financing with the Oto group,” said Henoch.

Previously, in information disclosure, Bank BTPN conveyed the results of fundraising through rights issue Approximately 62.4% will be used for business expansion and investment, one of which is through the takeover of companies engaged in financing business activities, namely OTO and SOF.

Then, approximately 37.2% of the proceeds from the rights issue to take over SOF from PT Summit Auto Group, which is a subsidiary of the SC and SMBC Group.

Also, approximately 0.4% for Bank BTPN’s working capital. Please note, PT Oto Multiartha and PT Summit Oto Finance are leasing companies whose shares are partly owned by the leading financial giant in Japan, Sumitomo Mitsui Banking Corporation (SMBC).

These two leases are also owned by PT Sinar Mas Multiartha Tbk. (SMMA), which is a company owned by the Sinar Mas Group or owned by business octopus Eka Tjipta Widjaja.

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