BTN Acquires SMBC Indonesia's Credit Portfolio to Target Payroll and Pension Segments

PT Bank Tabungan Negara (Persero) Tbk (BBTN) has signed the transfer of a credit portfolio from PT Bank SMBC Indonesia Tbk (BTPN) worth nearly Rp20 trillion. This move is part of the company’s strategy to expand its national retail business and strengthen its transformation into a ‘bank beyond mortgage’. The transaction was conducted through two agreements: the Conditional Portfolio Transfer Agreement (CPTA) and Conditional Loan Asset Transfer Agreement (CLATA), signed on 22 May 2026. BTN Corporate Secretary Ramon Armando said the transaction is part of the company’s strategy to strengthen sustainable business growth while prioritising prudent principles and good corporate governance. ‘This transaction is part of BTN’s transformation into a bank beyond mortgage, where the company is not only focused on housing financing but also expanding its financial services ecosystem by strengthening the payroll loan, pension, and transactional banking segments,’ Ramon stated in a written statement on Tuesday (26 May 2026). The credit portfolio acquisition reflects BTN’s efforts to increase the contribution of non-housing financing business amid its business model transformation. Through the transaction with SMBCI, BTN is beginning to strengthen other consumer business lines deemed to have long-term growth potential, particularly in the payroll loan and pension financing segments. Under the CPTA, BTN will acquire a pension and pre-pension loan portfolio managed by PT Taspen (Persero) with an estimated value of Rp12.58 trillion. Meanwhile, through the CLATA, BTN will acquire pension-related assets from PT ASABRI (Persero), other pension funds, and loans for active civil servants and government employees, estimated at Rp7.34 trillion. Ramon said the pension and payroll loan segments have relatively stable repayment characteristics, which are seen as a source of sustainable growth for the company. ‘Besides strengthening the credit portfolio, the transaction also opens opportunities for increasing low-cost funds, customer transactions, and optimising BTN’s service ecosystem across various regions in Indonesia,’ Ramon said. Credit based on payroll and pensions is known for having more stable repayment rates as the source of instalments comes from the borrowers’ fixed income.