Key facts
- SMBC Indonesia plans to expand its wealth management business.
- The bank will leverage its digital bank, Jenius, to attract customers.
- The strategy targets wealthier millennials.
- SMBC Indonesia is a subsidiary of Japan's Sumitomo Mitsui Financial Group (SMFG).
Bank SMBC Indonesia, a subsidiary of Japan's Sumitomo Mitsui Financial Group (SMFG), is set to expand its wealth management business by leveraging its digital bank, Jenius. This strategic pivot aims to attract wealthier millennials in Southeast Asia's largest economy, following the sale of its pensions business last month.
SMBC Indonesia, which operates as a universal bank offering a full suite of products and services to corporate and individual customers, envisions becoming the preferred bank in Indonesia, significantly impacting millions of lives with the support of digital technology. The bank's parent, SMBC Group, completed the merger of PT Bank Sumitomo Mitsui Indonesia with PT Bank Tabungan Pensiunan Nasional Tbk in 2019, and the entity was rebranded as SMBC Indonesia in 2024. PT Bank Tabungan Pensiunan Nasional Tbk was established in 1958, while SMBC first entered the Indonesian market in 1989.