Sumitomo Corporation (head office: Chuo-ku, Tokyo; President and CEO: Kuniharu Nakamura; hereinafter, SC) has signed an agreement accepting the participation as shareholders in the Indonesian automotibe retail finance companies, PT Oto Multiartha and PT Summit Oto Finance (hereinafter; OTO Group) of Sumitomo Mitsui Banking Corporation (head office: Chiyoda-ku, Tokyo; President and CEO: Takeshi Kunibe; hereinafter, SMBC)and PT Sinar Mas Multiartha (head office: Jakarta; President Director: Doddy Susanto; hereinafter, SMMA).
After completion of all the relevant transactions, which is subjected to approval of the authorities, Sumitomo Corporation Group will hold 49.9 percent of the shares, SMBC will hold 35.1 percent of the shares, and SMMA will hold 15 percent of the shares of OTO Group.
In the past 20 years, SC, through OTO Group, has provided financial services to more than six million customers in the growing automotive market of Indonesia. OTO Group has developed more than 200 networks throughout Indonesia, mainly on the islands of Java and Sumatra.
SC has set a strategic industrial focus in its Midterm management plan to expand retail businesses in Asian countries, and to apply various approaches to overseas markets in order to tap voracious consumer demand among the growing middle classes in emerging countries. OTO group is one of the core businesses in Indonesia leading and expanding the retail business.
By utilizing the abundant experience, knowledge and networks of SMBC and SMMA, SC will strengthen its management basis and enhance the operational capability of OTO Group for its sustainable growth.
SC, through OTO Group, in cooperation with partners will respect the relevant laws and regulations in Indonesia and the its culture, and will contribute to the development of the Indonesian economy with the provision of high quality services.