Assegaf Hamzah & Partners has advised Bank Tabungan Negara (BTN) on acquiring Bank SMBC Indonesia’s (SMBCI) pension loan portfolio for a reported IDR19.9 trillion (USD1.1 billion).
The firm, the Indonesian member firm of Rajah & Tann Asia, advised on the banking and capital markets aspects of the transaction, including structuring, due diligence and the preparation of transfer documentation.
Indira Yustikania, deputy head of the banking, finance and projects practice, led the team with the support of partner Inda Ranadireksa, senior associate Ismail Muhammad, and associates Nastiti Nadya Nitisaras and Anastasya Michelle Tirtasudira.
Assegaf Hamzah & Partners said the acquisition aligned with state-owned BTN’s objective of bolstering its presence in pension lending while further developing its consumer finance business.
For Indonesia Stock Exchange-listed SMBCI, Reuben Tirtawidjaja, a partner at EY Parthenon, who was the exclusive financial adviser to SMBCI, said the transaction enabled the bank to recalibrate its strategic focus and reallocate capital towards other business areas that underpinned its long-term growth ambitions in Indonesia.
