The acquisition of OTO and SOF is an important milestone for Bank BTPN in encouraging product and service innovation that is increasingly relevant to the banking and financing needs of the Indonesian people.

Jakarta, 27 March 2024 - Strengthening its commitment as a provider of comprehensive financial solutions for customers, PT Bank BTPN Tbk (Bank BTPN) today officially announced the acquisition of two finance companies, namely PT Oto Multiartha (OTO) and PT Summit Oto Finance (SOF) (hereinafter referred to as “OTO Group”) which is also a company that provides comprehensive financial solutions for people in Indonesia. This acquisition will strengthen 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 participation of Bank SMBCI 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.

"Bank BTPN's acquisition of OTO Group is an important milestone for the company in providing a more comprehensive business portfolio to serve a wider customer segment. The OTO Group joining 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 Munandar, President Director of PT Bank BTPN Tbk.

After completion of the acquisition, the ownership composition  of OTO and SOF will be as follows: 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. 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.

Victoria Rusna as President Director of SOF and CEO of OTO Group said, "The completion of this acquisition is an important achievement for OTO Group for almost three decades serving the Indonesian people, where the synergy with Bank BTPN will motivate OTO Group to continue to grow sustainably to become a trusted financial solutions provider 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."

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, as well as increasing 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.

"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," concluded Henoch Munandar.

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