TOKYO -- Sumitomo Mitsui Financial Group (SMFG) on Monday said it will spend 20 billion yen ($136 million) for 51% of the shares in two Indonesian auto loan companies, following a similar move by rival Mitsubishi UFJ Financial Group as the Japanese megabanks move to cash in on the Southeast Asian country's booming population.
In the deal, SMFG's Indonesian subsidiary Bank BTPN will end up with the shares of Oto Multiartha, a car loan company, and Summit Oto Finance, which specializes in loans for motorbikes and motorcycles. The shares will be transferred from Sumitomo Mitsui Banking Corp. and a company related to trading house Sumitomo Corp. as the two lenders are regrouped under BTPN.
