Sumitomo Mitsui is purchasing 35% stakes in two Indonesian vehicle financing firms, JPY 40bn and Summit Oto Finance, for Oto Multiartha ($333m), as the bank looks for increased incomes in Indonesia by ﻿boosting auto ownership in the long term. This also marks the bank's largest investment in a non-bank financial business in Asia outside of Japan.
Sumitomo Mitsui is purchasing 35% stakes in two Indonesian vehicle financing firms, Oto Multiartha and Summit Oto Finance, for JPY 40bn ($333m), as the bank looks for increased incomes in Indonesia by ﻿boosting auto ownership in the long term. This also marks the bank's largest investment in a non-bank financial business in Asia outside of Japan.