Japan’s SMFG seeks to merge local unit with Indonesian lender BTPN

FILE PHOTO: Logo of Bank Tabungan Pensiunan Negara is seen in the bank's headquarters in Jakarta, Indonesia, May 11, 2011. REUTERS/Enny Nuraheni/File Photo

Japan’s Sumitomo Mitsui Financial Group (SMFG), which is eyeing raising its stake to a majority in Indonesian lender BTPN, has proposed to merge its subsidiary in the Southeast Asian nation with the mid-sized bank.

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