Sumitomo Mitsui Banking Corporation (SMBC) made a proposal to acquire remaining 60% stake in PT Bank Tabungan Pensiunan Nasional Tbk (IDX:BTPN) from TPG Nusantara S.a.r.l., Summit Global Capital Management BV and others on January 29, 2018. As of August 1, 2018, parties entered into standby purchase agreement to acquire PT Bank Tabungan Pensiunan Nasional Tbk for IDR 25 billion and will acquire shares at IDR 4282 per share. Post completion, PT Bank Tabungan Pensiunan Nasional Tbk and PT Bank Sumitomo Mitsui Indonesia will be merged. The merged-bank will operate under the name of PT Bank BTPN Tbk. Following the completion, Board of Commissioners of PT Bank Tabungan Pensiunan Nasional Tbk will consists of Mari Elka Pangestu (President Commissioner), Chow Ying Hoong (Vice President Commissioner), Takeshi Kimoto, Ninik Herlani Masli Ridhwan and Tony Prasetiantono each as commissioner. Board of Directors of PT Bank Tabungan Pensiunan Nasional Tbk will consist of Ongki Wanadjati Dana (President Director), Kazuhisa Miyagawa (Vice President Director), Dini Herdin (Director Supervising Compliance), Yasuhiro Daikoku, Henoch Munandar, Adrianus Dani Prabawa, Merisa Darwis and Hiromichi Kubo each as Director. As of August 2, 2018, Transaction is subject to certain conditions including approvals from shareholders and creditors of PT Bank Tabungan Pensiunan Nasional Tbk and Sumitomo Mitsui Banking Corporation,. Conditions also include permit from Financial Services Authority of Indonesia and Japan Financial Advisory Agency, signing of merger deed by the parties before a notary and obtaining of the effective statement from Capital Markets Supervision. The Board of Directors of PT Bank Tabungan Pensiunan Nasional Tbk and Sumitomo Mitsui Banking Corporation recommended their shareholders to vote in favor of the transaction. PT Bank Tabungan Pensiunan Nasional Tbk schedules its shareholders meeting to be held on September 4, 2018. As on October 5, 2018, transaction has been approved by the shareholders of PT Bank Tabungan. As of August 2, 2018, merger effective date is January 1, 2018. As of August 3, 2018, completion is expected to take place by January 2019. As of December 21, 2018, Financial Services Authority has approved the merger. As of December 12, 2018, merger effective date has been rescheduled from January 2019 to February 1, 2019. As of January 22, 2019, transaction is expected to close on February 1, 2019. Assegaf Hamzah & Partners acted as legal advisor to PT Bank Tabungan Pensiunan Nasional Tbk. As of August 3, 2018, Goldman Sachs Japan Co., Ltd. acted as financial advisor to Sumitomo Mitsui Banking Corporation. KAP Haryanto Sahari & Rekan acted as interdependent public accountant to PT Bank Sumitomo Mitsui Indonesia and PT Bank Tabungan Pensiunan Nasional Tbk. KJPP Martokoesoemo, Prasetyo & Rekan and KJPP Jennywati, Kusnanto & Rekanacted as appraiser for PT Bank Sumitomo Mitsui Indonesia and PT Bank Tabungan Pensiunan Nasional Tbk respectively. PT Datindo Entrycom acted as registrar to PT Bank Tabungan Pensiunan Nasional Tbk while PT Mandiri Sekuritas has been appointed as securities company to PT Bank Tabungan Pensiunan Nasional Tbk. David Dawborn of Herbert Smith LLP acted as legal advisors to Sumitomo Mitsui Banking Corporation (SMBC) and PT Bank Sumitomo Mitsui Indonesia (SMBCI). Sumitomo Mitsui Banking Corporation completed the acquisition of additional 57.07% stake in PT Bank Tabungan Pensiunan Nasional Tbk (IDX:BTPN) from TPG Nusantara S.a.r.l., Summit Global Capital Management BV and others for IDR 14 billion on January 30, 2019. As part of merger PT Bank Sumitomo Mitsui Indonesia, subsidiary of Sumitomo Mitsui Banking Corporation will merge into PT Bank BTPN Tbk , with BPTN as suviving company and PT Bank Sumitomo Mitsui Indonesia will automatically cease to exist by operation of law and without any liquidation. Jerry Ng has officially stepped down from his role as President Director of PT Bank Tabungan Pensiunan Nasional Tbk.