Sumitomo : acquires shares of Indonesian Commercial Bank
February 18, 2015 at 04:05 am EST
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Sumitomo Corporation (Head Office: Chuo-ku, Tokyo, President and CEO: Kuniharu Nakamura), through an affiliate, has acquired an additional 17.5% of the outstanding common stock of Indonesian commercial bank PT. Bank Tabungan Pensiunan Nasional Tbk (Head Office: Jakarta, Indonesia, President and CEO: Jerry Ng; hereinafter, "BTPN"), bringing its total ownership interest to 20%.
The Sumitomo Corporation Group has a strategic industrial focus on expanding retail businesses in Asian countries and is applying various approaches to overseas markets in order to tap the voracious consumer demands of the growing middle classes in emerging countries. Indonesia, as part of the vibrant Asian regional economy, is one of the most important markets for the Sumitomo Corporation Group, which has operated a variety of businesses in the country for more than 60 years. As part of its long-term approach, Sumitomo Corporation is investing in Indonesia's financial sector, particularly BTPN, which focuses on mass market.
The Sumitomo Corporation Group will continue to expand its business portfolio in Asia in order to build a robust revenue base while making significant contributions to the economic growth of the region, including Indonesia.
Sumitomo Corporation is a diversified group organized around 7 areas of activity:
- retail distribution of consumer goods (24.4% of net sales): food products, apparel and accessories, pharmaceuticals, building materials, household and decorative items, etc. The group is also developing a real estate business;
- trading of hydrocarbon, mining, chemicals and electronics products (24%): oil, natural gas, copper, gold, silver, zinc, lead, nickel, coal, iron ore, resins, pesticides, petrochemical products, etc.;
- trading of steel products and non ferrous metals (20%): flat and long steel products, tubular products, aluminum products, titanium, etc.;
- distribution of transportation and construction systems and equipments (15.1%): spatial equipments, landing fields, forest machines, motorcycles, mining operating vehicles, etc.;
- telecommunications and multimedia products and services supplies (8.8%): TV wiring, data communication solutions, film distribution services, mobile telephony, Internet access and computing services;
- development and implementation of civil engineering infrastructures (7.6%): power plants, wastewater treatment units, industrial plants, telecommunications centers, etc. The group is also providing logistics services;
- other (0.1%).
SUMITOMO CORPORATION 
