Back to announcement
20260701_BBTN_Transaksi Material Tanpa Persetujuan RUPS_32107162_lamp4.pdf
Asset transaction Needs review BBTNSource file signed link, expires in 15 minutes
Extracted text 36
Page 1
KETERBUKAAN INFORMASI KEPADA MASYARAKAT SEHUBUNGAN DENGAN TRANSAKSI MATERIAL SEBAGAIMANA DIMAKSUD
DALAM PERATURAN OTORITAS JASA KEUANGAN (“POJK”) NO. 17/POJK.04/2020 TENTANG TRANSAKSI MATERIAL DAN
PERUBAHAN KEGIATAN USAHA (“POJK 17/2020”)
Kepentingan
PT BANK TABUNGAN NEGARA (PERSERO) Tbk
(“Perseroan”)
Kegiatan Usaha Utama:
Jasa Perbankan
Berkedudukan di Jakarta Pusat, Indonesia
Kantor Pusat
Menara BTN Jalan Gajah Mada Nomor 1, Jakarta Pusat 10130, Indonesia
PO BOX 3198 / JKT 10130
Tel.: (021) 633-6789
Email: csd@btn.co.id
Website: www.btn.co.id
INFORMASI SEBAGAIMANA TERCANTUM DALAM KETERBUKAAN INFORMASI INI PENTING UNTUK DIBACA DAN
DIPERHATIKAN OLEH PEMEGANG SAHAM PERSEROAN SEHUBUNGAN DENGAN TRANSAKSI MATERIAL BERDASARKAN
POJK 17/2020.
KETERBUKAAN INFO
JIKA ANDA MENGALAMI KESULITAN UNTUK MEMAHAMI INFORMASI SEBAGAIMANA TERCANTUM DALAM
KETERBUKAAN INFORMASI INI ATAU RAGU-RAGU DALAM MENGAMBIL KEPUTUSAN, SEBAIKNYA ANDA
BERKONSULTASI DENGAN PERANTARA PEDAGANG EFEK, MANAJER INVESTASI, KONSULTAN HUKUM, AKUNTAN,
PENASIHAT KEUANGAN ATAU PROFESIONAL LAINNYA.
Afilias
Keterbukaan Informasi ini diterbitkan di Jakarta, 01 Juli 2026
Page 2
DEFINISI DAN SINGKATAN Afiliasi memiliki arti sebagaimana didefinisikan dalam UU Pasar Modal dan POJK 42/2020. SMBCI berarti PT Bank SMBC Indonesia Tbk. KJPP ID&R merupakan singkatan KJPP Ihot Dollar & Raymond, sebagai Kantor Jasa Penilai Publik (KJPP) dan Penilai Independen, KJPP ID&R memberikan layanan berupa Jasa Penilaian atas Portofolio Pinjaman dan memberikan Pendapat Kewajaran atas Transaksi. Keterbukaan Informasi berarti Keterbukaan Informasi ini yang disampaikan kepada Pemegang Saham Perseroan dalam rangka pemenuhan POJK 17/2020 sehubungan dengan Transaksi. Nasabah berarti pensiunan atau pra-pensiunan dengan manfaat pensiun yang dikelola oleh TASPEN dan karyawan aktif yang menerima pinjaman dari SMBCI berdasarkan perjanjian nasabah, termasuk ahli warisnya, dengan ketentuan bahwa Nasabah yang dialihkan kepada Perseroan akan tunduk pada klasifikasi dan kriteria nasabah yang berlaku pada Perseroan dari waktu ke waktu. OJK berarti Otoritas Jasa Keuangan. Perseroan berarti PT Bank Tabungan Negara (Persero) Tbk, berkedudukan di Jakarta Pusat, suatu perseroan terbuka yang sahamnya tercatat pada Bursa Efek Indonesia, yang didirikan dan dijalankan berdasarkan hukum negara Republik Indonesia. POJK 42/2020 berarti Peraturan OJK No. 42/POJK.04/2020 tentang Transaksi Afiliasi dan Transaksi Benturan Kepentingan. POJK 17/2020 berarti Peraturan OJK No.17/POJK.04/2020 tentang Transaksi Material dan Perubahan Kegiatan Usaha. POJK 35/2020 berarti Peraturan OJK No. 35/POJK.04/2020 tentang Penilaian dan Penyajian Laporan Penilaian Bisnis di Pasar Modal. Portofolio Pinjaman berarti setiap dan seluruh hak, kepemilikan, manfaat dan kepentingan Perseroan dalam, atas, atau sehubungan dengan dokumen pinjaman nasabah dan piutang dalam bisnis pensiun terkait dengan Nasabah yang dialihkan oleh SMBCI kepada Perseroan pada tanggal penyelesaian Transaksi. TASPEN berarti PT Taspen (Persero). Transaksi berarti transaksi pelaksanaan pengalihan portofolio kredit, di mana SMBCI setuju untuk menjual dan mengalihkan, dan Perseroan setuju untuk membeli dan menerima Portofolio Pinjaman. UU Pasar Modal berarti Undang-Undang No. 8 Tahun 1995 tentang Pasar Modal sebagaimana diubah dengan Undang-Undang No. 4 Tahun 2023 tentang Pengembangan dan Penguatan Sektor Keuangan dan Undang- Undang No. 4 Tahun 2026 tentang Perubahan atas Undang-Undang No. 4 Tahun 2023 tentang Pengembangan dan Penguatan Sektor Keuangan.
Page 3
PENDAHULUAN
Informasi sebagaimana tercantum dalam Keterbukaan Informasi ini dibuat dalam rangka kewajiban Perseroan
untuk mengumumkan transaksi material antara Perseroan dengan SMBCI sehubungan dengan Transaksi yaitu
pengambilalihan oleh Perseroan atas Portofolio Pinjaman dari SMBCI.
Adapun Transaksi dimaksud sebelumnya telah tertuang dalam suatu Perjanjian Pengalihan Portofolio Bersyarat
(Conditional Portfolio Transfer Agreement) di mana SMBCI setuju untuk menjual dan mengalihkan, dan
Perseroan setuju untuk membeli dan menerima Portofolio Pinjaman (“CPTA”). Sebagai informasi, Perseroan
telah mengumumkan Keterbukaan Informasi atas penandatanganan CPTA pada tanggal 25 Mei 2026
berdasarkan surat Perseroan No. 1128/CSD/CMPO/V/2026, yang mana informasi dalam Keterbukaan Informasi
ini sekaligus memberitahukan kepada para pemegang saham Perseroan dan publik bahwa Transaksi
sebagaimana dalam CPTA telah mencapai penyelesaian antara Perseroan dan SMBCI. Ringkasan mengenai
isi dan ketentuan dari CPTA telah disampaikan dan diumumkan oleh Perseroan melalui Keterbukaan Informasi
pada tanggal 25 Mei 2026 berdasarkan surat Perseroan No. 1128/CSD/CMPO/V/2026. Tidak terdapat
perubahan material sehubungan dengan CPTA yang telah ditandatangani oleh Perseroan dan SMBCI selain
telah terpenuhinya syarat-syarat pendahuluan berdasarkan CPTA sehingga telah tercapainya penyelesaian
antara Perseroan dan SMBCI.
Transaksi merupakan suatu Transaksi Material yang diatur dalam ketentuan POJK 17/2020 di mana nilai
Transaksi berdasarkan CPTA sebesar Rp12.584.944.256.063,- (dua belas triliun lima ratus delapan puluh
empat miliar sembilan ratus empat puluh empat juta dua ratus lima puluh enam ribu enam puluh tiga Rupiah)
atau dalam hal ini setara dengan 34,7% (tiga puluh empat koma tujuh persen) dari nilai ekuitas Perseroan
sebesar Rp36.210.293 Juta berdasarkan Laporan Keuangan Konsolidasian Perseroan tanggal 31 Desember
2025 dan untuk tahun yang berakhir pada tanggal tersebut yang telah diaudit oleh KAP Purwanto Susanti dan
Surja (Ernst & Young), dengan Laporan Auditor Independen bernomor 00028/2.1505/AU.1/07/1681-3/1/II/2026
tertanggal 10 Februari 2026 yang ditandatangani oleh Christophorus Alvin Kossim (Reg.AP No.1681) dengan
opini Wajar Tanpa Modifikasian.
Atas penjelasan sebagaimana di atas dengan merujuk pada ketentuan Pasal 6 POJK 17/2020, Perseroan wajib
menyampaikan keterbukaan informasi mengenai Transaksi kepada publik dan OJK.
URAIAN MENGENAI TRANSAKSI
A. JADWAL DAN TANGGAL TRANSAKSI
Transaksi berdasarkan CPTA telah mencapai penyelesaian dan berlaku efektif pada tanggal 29 Juni
2026 dengan telah ditandatanganinya Akta Perjanjian Pengalihan (Cessie) No. 67 tanggal 29 Juni
2026 antara Perseroan dan SMBCI.
B. OBJEK TRANSAKSI
Objek Transaksi adalah Pengambilalihan Portofolio Pinjaman dengan kolektibilitas 1 dan 2.
Page 4
C. NILAI TRANSAKSI
Pada tanggal pelaksanaan Transaksi jumlah nilai yang dibayarkan oleh Perseroan kepada SMBCI adalah
Rp12.584.944.256.063,- (dua belas triliun lima ratus delapan puluh empat miliar sembilan ratus empat puluh
empat juta dua ratus lima puluh enam ribu enam puluh tiga Rupiah) dan berdasarkan laporan keuangan per
tanggal 31 Desember 2025 ekuivalen 34,7% (tiga puluh empat koma tujuh persen) dari ekuitas Perseroan,
sehingga memenuhi kriteria nilai transaksi material sesuai POJK 17/2020.
D. PIHAK YANG MELAKUKAN TRANSAKSI
1. Identitas Pihak I
a. Nama : PT Bank Tabungan Negara (Persero) Tbk
b. Alamat : Menara BTN Jalan Gajah Mada Nomor 1 Jakarta
c. Nomor Telepon : 021-6336789
d. Alamat e-mail : csd@btn.co.id
e. Kegiatan Usaha : Jasa Perbankan
f. Susunan Pengurus : Direksi
a. Direktur Utama
Nixon L.P. Napitupulu
b. Wakil Direktur Utama
Oni Febriarto Rahardjo
c. Direktur Risk Management
Setiyo Wibowo
d. Direktur Consumer Banking
Hirwandi Gafar
e. Direktur Finance & Strategy
Nofry Rony Poetra
f. Direktur Human Capital & Compliance
Eko Waluyo
g. Direktur Network & Retail Funding
Rully Setiawan
h. Direktur Operations
I Nyoman Sugiri Yasa
i. Direktur Commercial Banking
Hermita
j. Direktur Treasury & International Banking
Venda Yuniarti
k. Direktur Information Technology
Tan Jacky Chen
l. Direktur Corporate Banking
Helmy Afrisa Nugroho
Dewan Komisaris
a. Komisaris Utama
Suryo Utomo
b. Wakil Komisaris Utama
Endra Gunawan*
Page 5
c. Komisaris Independen
Panangian Simanungkalit
d. Komisaris Independen
Pietra Machreza Paloh
e. Komisaris Independen
Ida Nuryanti
f. Komisaris
Fahri Hamzah
g. Komisaris
Didyk Choiroel*
*efektif setelah memperoleh persetujuan atas penilaian
kemampuan dan kepatutan OJK
g. Susunan Pemegang Saham : 1. Badan Pengaturan Badan Usaha Milik Negara (BP
BUMN) sebagai pemegang 0.6% lembar saham Seri A
Dwiwarna
2. PT Danantara Asset Management (Persero) 59.40%
saham seri B
3. Masyarakat 40% saham seri B
2. Identitas Pihak II
a. Nama : PT Bank SMBC Indonesia Tbk
b. Alamat : Menara SMBC, Lantai 29, CBD Mega Kuningan, Jl. Dr. Ide
Anak Agung Gde Agung, Kav. 5.5 – 5.6, Jakarta Selatan
12950
c. Nomor Telepon : 021-30026200
d. Alamat e-mail : corporate.secretary@smbci.com
e. Kegiatan Usaha : Jasa Perbankan
f. Susunan Pengurus : Direksi
a. Direktur Utama
Henoch Munandar
b. Wakil Direktur Utama
Jun Saito
c. Wakil Direktur Utama
Michellina Laksmi Triwardhany
d. Direktur Kepatuhan
Dini Herdini
e. Direktur
Atsushi Hino
h. Direktur
Merisa Darwis
i. Direktur
Hanna Tantani
j. Direktur
Yuki Terayama
Page 6
k. Direktur
Emilya Tjahjadi
Dewan Komisaris
a. Komisaris Utama
Chow Ying Hoong
b. Komisaris
Takeshi Kimoto
c. Komisaris
Marita Alisjahbana
d. Komisaris Independen
Linus Ekabranko Windoe
e. Komisaris Independen
Onny Widjanarko
f. Komisaris Independen
Kusumaningtuti Sandriharmy Soetiono
g. Susunan Pemegang Saham : 1. Sumitomo Mitsui Banking Corporation Tbk 91.047%
2. PT Bank Negara Indonesia (Persero) Tbk 0.113%
3. PT Bank Central Asia Tbk 1.031%
4. Pemegang Saham Lain dengan kepemilikan di bawah
5% sejumlah 7.803%
E. SIFAT HUBUNGAN AFILIASI DARI PIHAK YANG MELAKUKAN TRANSAKSI DENGAN PERSEROAN
Tidak terdapat hubungan Afiliasi antara Perseroan dengan SMBCI.
F. PIHAK INDEPENDEN YANG DITUNJUK DALAM TRANSAKSI
Pihak independen yang berperan sehubungan dengan transaksi material ini dan telah ditunjuk oleh Perseroan
adalah KJPP ID&R yaitu Kantor Jasa Penilai Publik Ihot Dollar & Raymond yang memberikan Jasa Penilaian
atas Portofolio Pinjaman dan memberikan Pendapat Kewajaran atas Transaksi.
KJPP ID&R menyatakan tidak memiliki hubungan afiliasi, baik secara langsung maupun tidak langsung, dengan
Perseroan sebagaimana didefinisikan dalam UU Pasar Modal.
RINGKASAN LAPORAN PENILAI ATAS OBJEK TRANSAKSI
Ringkasan Kajian Penilaian Aset Portofolio Kredit PT Bank SMBC Indonesia Tbk
Berikut ini adalah ringkasan berdasarkan Laporan Penilaian Aset Portofolio Kredit PT Bank SMBC Indonesia Tbk
per 31 Desember 2025 yang diterbitkan oleh KJPP Ihot Dollar & Raymond, sehubungan dengan penugasan
penilaian berdasarkan Surat Perjanjian Pengadaan No.06/SPP/PBD/V/2026 dan No.018/ID&R/SK/1905/26
tanggal 19 Mei 2026, dan Surat Penunjukan No. 01/SPK/PBD/IV/2026 tanggal 21 April 2026.
A. Identitas Pihak Penilai
KJPP Ihot Dollar & Raymond (‘ID&R”) merupakan kantor jasa penilai publik yang terdaftar sebagai profesi
penunjang di pasar modal berdasarkan Surat Izin Usaha dari Menteri Keuangan Nomor 1408/KM.1/2012
tanggal 27 November 2012. Rekan Penanda Tangan Laporan telah memenuhi persyaratan pendidikan
Page 7
profesional yang ditentukan dan/atau diselenggarakan oleh asosiasi Penilai yang diakui Pemerintah dengan
No. MAPPI: 03-S-01751 dan No. Izin: STTD.PB-13/PJ-1/PM.02/2023.
B. Objek Penilaian
Objek Penilaian adalah Aset Portofolio Kredit PT Bank SMBC Indonesia Tbk mencakup seluruh kredit
TASPEN saja (kantor pembayarannya adalah PT TASPEN (Persero)) dengan kategori kolektibilitas 1 dan 2
(“Gross Loan – Kol.1 & 2”), serta sejumlah kredit lainnya (“Gross Loan – Additional”) dengan status lancar
(sebagaimana ditampilkan dalam Laporan Uji Tuntas Aspek Loan Analytics, Komersial, SDM, dan Hukum
oleh Deloitte No. 31A/BTN/REP/DCS/2026 tertanggal 15 Mei 2026) (seluruhnya disebut “Aset Portofolio
Kredit”), dengan perincian per 31 Desember 2025 sebagai berikut:
Jenis Kredit Tenor Kisaran Tingkat Suku Bunga Total Nilai (Rp)
Gross Loan – Kol 1 & 2 6 – 183 bulan 4,3% - 25,6% 12.394.603.367.471
Gross Loan – Additional hingga 178 bulan 4,3% - 14,3% 10.628.305.902
Total 12.405.231.673.373
Aset Portofolio Kredit tersebut mencakup Kredit Pensiun (Kredit Pensiun Sejahtera), Kredit Pra- Pensiun dan
Kredit Karyawan Aktif untuk para Karyawan dari Badan Usaha Milik Negara dan/atau institusi pemerintah.
Secara spesifik, akun-Akun tertentu yang tidak ikut diambil alih dalam Transaksi adalah termasuk akun-akun
yang telah jatuh tempo sebelum tanggal 31 Desember 2025, dan seluruh akun Non TASPEN (mencakup
antara lain Dana Pensiun ASABRI dan Dapen beberapa BUMN).
C. Maksud dan Tujuan
Maksud dan tujuan penilaian adalah untuk melakukan penilaian aset portofolio kredit pensiunan milik
PT. Bank SMBC Indonesia Tbk (“SMBCI”) yang manfaat pensiunnya dikelola oleh PT.TASPEN (Persero)
(selanjutnya disebut sebagai “Aset Portofolio Kredit”) untuk kepentingan akuisisi oleh Perseroan, dan
memenuhi persyaratan di Pasar Modal serta peraturan perundangan di Indonesia Untuk mengakomodir
tujuan tersebut, penilaian ini didasarkan pada standar Nilai Pasar.
D. Jenis Mata Uang
Untuk kepentingan pelaporan keuangan BBTN di mana laporan keuangan disajikan dalam Rupiah (IDR),
maka jenis mata uang yang digunakan dalam penilaian ini adalah mata uang IDR.
E. Tanggal Penilaian
Tanggal pisah batas (cut off date) penilaian per 31 Desember 2025, di mana batas tersebut diambil atas
dasar pertimbangan kepentingan dan tujuan penilaian.
F. Definisi dan Dasar Penilaian Yang Digunakan
Dalam penilaian ini digunakan dasar penilaian “Nilai Pasar” yang didefinisikan sebagai berikut:
Estimasi sejumlah uang yang dapat diperoleh dari hasil penukaran suatu aset atau liabilitas pada Tanggal
Penilaian, antara pembeli yang berminat membeli dengan penjual yang berminat menjual, dalam suatu
transaksi bebas ikatan, yang pemasarannya dilakukan secara layak, di mana kedua Pihak masing–masing
bertindak atas dasar pemahaman yang dimilikinya, kehati-hatian, dan tanpa paksaan (POJK No. 35
/POJK.04/2020).
Penilaian ini didasarkan pada ketentuan peraturan perundang-undangan yang terkait dalam Peraturan OJK
No.35 /POJK.04/2020 tentang Penilaian dan Penyajian Laporan Penilaian Bisnis di Pasar Modal.
G. Metode Penilaian
1) Metode Discounted Cash Flow (“DCF METHOD”)
a. Tingkat Bunga Diskonto yang Digunakan
Dalam metode Discounted Cash Flow yang kami gunakan, data kisaran tingkat suku bunga beberapa
Page 8
bank pemerintah di bawah ini mewakili suku bunga kredit konsumen khususnya bagi para pensiunan
per akhir tahun 2025, dengan rata-rata 11,25% per tahun (kami gunakan sebagai referensi dalam
perhitungan diskonto).
Nama Bank/Fasilitas Kredit Kisaran Tingkat Bunga % Keterangan
Bank Mandiri Taspen / Kredit 8% - 14% per tahun 10,74% > 0,8% per bulan per akhir tahun 2025
Pra-Pensiun
BNI Fleksi Pensiun 9,5% - 11,5%+ per tahun 10,50% > 9,5% per tahun
BRIguna Purna 11,52% - 14% 12,50% > 0,96% per bulan
Total 11,25%
b. Penghitungan Nilai Kini dari Penerimaan Pembayaran Pokok dan Bunga Kredit
Berdasarkan data awal yang kami peroleh (sejumlah 344.643 debitur), dilakukan seleksi data yang
akan dinilai yang mencakup jumlah saldo piutang portofolio kredit pensiunan (Gross Loan Kol. 1&2,
dan Gross Loan – Additional, yang manfaat pensiunnya dikelola oleh PT TASPEN) per 31 Desember
2025 (turut merefer pada Laporan Uji Tuntas Aspek Loan Analytics, Komersial SDM dan Hukum
Portofolio Kredit SMBCI oleh Deloitte No.31A/BTN/REP/DCS/2026 tertanggal 15 Mei 2026) Kategori
kolektibilitas 1 berjumlah total 334.956 akun di mana yang merupakan TASPEN hanya 231.595 akun,
sedangkan kategori kolektibilitas 2 berjumlah 5.963 akun di mana yang merupakan TASPEN hanya
2.937 akun. Selain itu Aset Portofolio Kredit Tambahan yang merupakan TASPEN berjumlah 116 akun.
Dalam kelompok data tersebut terdapat kisaran tingkat bunga pinjaman sebesar 4,3% - 25,6% per
tahun dan periode sisa tenor hingga 183 bulan. Atas sisa tenor tiap akun debitur dalam daftar tersebut
lalu dihitung suatu jumlah pembayaran tetap bulanannya yang baru (sesuai suku bunga pinjaman
setiap debitur yang berlaku), yang kemudian digunakan untuk menghitung Nilai Kini dari penerimaan
pembayaran di masa depan untuk masing-masing akun nasabah tersebut dengan menggunakan
tingkat suku bunga diskonto 11,25% di atas.
Di samping itu juga kami perhitungkan Credit Cost sebagai komponen penyesuaian sebesar 0,4% dari
saldo pokok pinjaman selama sisa tenor (yang merupakan rata-rata jumlah historis selama 3 tahun) di
luar angka saldo kategori Non Performing Loan (NPL) – merefer ke Laporan Deloitte
No.31A/BTN/REP/DCS/2026 Tertanggal 15 Mei 2026, yang kemudian dihitung Nilai Kininya
menggunakan tingkat diskonto di atas yang sama.
c. Indikasi Hasil Penilaian Menggunakan DCF Method
Berdasarkan data dan asumsi/perhitungan di atas, berikut ditampilkan indikasi hasil penilaian Aset
Portofolio Kredit menggunakan metode DCF:
Keterangan Nilai (Rp)
Nilai Kini Aset Portofolio Kredit – Taspen Col 1 & 2 13.225.145.305.243
Nilai Kini Aset Portofolio Kredit – Taspen Tambahan 10.917.837.950
Dikurangi : Biaya Kredit (Layanan)* (153.709.980.560) (1)
Dikurangi : Biaya Transaksi** (19.764.466.495) (2)
Total Nilai Pasar Aset Portofolio Kredit – Taspen Col 1 & 2 13.062.588.696.138
Note : *(1) Biaya Kredit (Loan Servicing Cost) dihitung sebesar 0,4% atas sisa saldo pokok tiap bulannya (sebagai
Business Cost yang diperhitungkan dalam laporan Deloitte, di mana BBTN akan menyerap potensi biaya terkait lainnya
secara internal setelah migrasi; dan **(2) Biaya Transaksi dihitung sebesar prorata dari nilai buku Aset Portofolio Kredit
yang dinilai terhadap nilai buku total seluruh aset portofolio kredit (TASPEN dan Non-TASPEN), lalu dikali dengan total
biaya profesional seluruh konsultan terkait.
Page 9
2) Metode Adjusted Net Asset Method (“ANAM”)
Berikut adalah indikasi Nilai Pasar Aset Portofolio Kredit per tanggal 31 Desember 2025, di mana jumlah
nilai buku aset portofolio kredit dikurangi dengan Estimasi Kerugian (CKPN) terkaitnya (sebagaimana telah
dicatat oleh PT Bank SMBC Indonesia Tbk, dan kemudian ditambah penyesuaian CKPN oleh Deloitte dan
Perseroan agar jumlahnya memadai).
Keterangan Nilai (Rp)
Nilai Buku Aset Portofolio Kredit (Gross Loan Co. 1 & 2) 12.394.603.367.471
Nilai Buku Aset Portofolio Kredit – Tambahan 10.628.305.902
Sub Total 12.405.231.673.373
Dikurangi:
Estimasi Kerugian (CKPN) - SMBCI (75.587.368.126)
Estimasi Kerugian (CKPN) Tambahan – SMBCI (436.265.863)
Estimasi Kerugian (CKPN) – Tambahan oleh BTN* (83.353.071.679)
Sub Total (159.376.705.668)
Total 12.245.854.967.705
* Note - Merupakan penyesuaian tambahan yang diperlukan BTN dalam akuisisinya, untuk melengkapi kecukupan estimasi
jumlah keseluruhan CKPN atas aset portofolio kredit yang diakuisisi .
3) Indikasi Hasil Penilaian
Dengan menggunakan rata-rata tertimbang dari hasil kedua metode yang digunakan di atas (dengan
bobot 90% untuk DCF dan bobot 10% untuk ANAM) maka diperoleh indikasi Nilai Pasar Aset Portofolio
Kredit per tanggal 31 Desember 2025 sebesar Rp 12.980.915.323.295, dengan detail perhitungan sebagai
berikut:
Keterangan Nilai Pasar (Rp) Bobot Nilai Tertimbang (Rp)
Metode DCF 13.062.588.696.138 90% 11.756.329.826.524
Metode ANAM 12.245.854.967.705 10% 1.224.585.496.771
Total Nilai Pasar Aset Portofolio Kredit 12.980.915.323.295
H. Kesimpulan Penilaian
Berdasarkan hasil perhitungan dan analisa yang telah dilakukan di atas, Indikasi Nilai Pasar Aset Portofolio
Kredit Pensiunan SMBCI yang dinilai per tanggal 31 Desember 2025 adalah berjumlah
Rp12.980.915.323.295.-.
Variabel Lain Yang Dapat Mempengaruhi Nilai
Diasumsikan tidak terdapat perubahan kondisi ekonomi maupun perubahan material terhadap kualitas
kredit para debitur yang dinilai sejak Tanggal Penilaian sampai dengan tanggal diterbitkannya Laporan
Penilaian ini. Penilai memahami bahwa setelah Tanggal Penilaian telah terjadi penurunan saldo pokok
portofolio kredit sebagai akibat pembayaran angsuran dan/atau pelunasan dalam kegiatan usaha normal
(ordinary course of business). Perubahan saldo pokok tersebut merupakan konsekuensi yang wajar dari
karakteristik portofolio kredit dan tidak mengubah dasar maupun kesimpulan penilaian yang dilakukan
berdasarkan kondisi dan informasi yang tersedia pada Tanggal Penilaian, yaitu 31 Desember 2025.
Page 10
Namun demikian, apabila setelah Tanggal Penilaian terdapat kejadian lain yang bersifat material
(subsequent event) di luar kegiatan usaha normal yang mempengaruh kualitas, risiko, atau karakteristik
ekonomi portofolio kredit yang dinilai, maka dapat diperlukan penilaian kembali atas Nilai Pasar aset
portofolio kredit tersebut.
Sebagaimana diketahui oleh Penilai, saldo pokok aset portofolio kredit telah menurun dari sekitar
Rp12,405 triliun pada Tanggal Penilaian menjadi sekitar Rp11,8 triliun sebelum tanggal penerbitan laporan
ini sebagai akibat pembayaran angsuran dan pelunasan dalam kegiatan usaha normal. Penurunan
tersebut tidak dipandang sebagai subsequent event yang memerlukan penyesuaian atas Nilai Pasar per
31 Desember 2025.
I. Syarat Pembatasan
1. Penilaian ini didasarkan pada analisa dan perhitungan atas Aset Portofolio Kredit yang dinilai sesuai
dengan data dan informasi yang terbatas kami peroleh dari manajemen BBTN, Deloitte, Assegaf, Hamzah
& Partners (“AHP”), SMBCI melalui Ernst & Young (“EY”) kepada BBTN antara lain :
Laporan keuangan konsolidasian PT Bank SMBC Indonesia Tbk untuk tahun yang berakhir pada
tanggal 31 Desember 2021 - 2025 yang telah diaudit oleh KAP Siddharta Widjaja & Rekan (KPMG
Indonesia), seluruhnya dengan pendapat opini tanpa modifikasian;
Perjanjian Transfer Portofolio Bersyarat/ Conditional Portfolio Transfer Agreement (“CPTA”) tertanggal
22 Mei 2026 antara BBTN dan SMBCI;
Laporan Uji Tuntas Aspek Loan Analytics, Komersial, SDM, dan Hukum oleh Deloitte atas Portofolio
Kredit SMBCI No.31A/BTN/REP/DCS/2026 tertanggal 15 Mei 2026;
File data “Loan Tape” berisikan 344.643 akun debitur individual yang merupakan keseluruhan
datatape dalam populasi Aset Portofolio Kredit awal per tanggal 31 Desember 2025, yang diperoleh
dari team EY (konsultan Pihak Penjual). File tersebut mencakup data saldo terutang, suku bunga,
tenor dan detail terkait lainnya (TASPEN/Non-TASPEN);
Dokumen Transaksi;
2. Bahwa mulai dari tanggal penilaian hingga cut off date atas data yang kami terima, tidak terdapat
perubahan yang signifikan dalam kinerja usaha SMBCI yang dapat mempengaruhi kesimpulan nilai yang
dihasilkan. Namun demikian setelah Tanggal Penilaian telah terjadi penurunan saldo pokok portofolio
kredit sebagai akibat pembayaran angsuran dan/atau pelunasan dalam kegiatan usaha normal (ordinary
course of business). Perubahan saldo pokok tersebut merupakan konsekuensi yang wajar dari
karakteristik portofolio kredit dan tidak mengubah dasar maupun kesimpulan penilaian yang dilakukan
berdasarkan kondisi dan informasi yang tersedia pada Tanggal Penilaian, yaitu 31 Desember 2025.
Atas dasar tersebut, apabila setelah Tanggal Penilaian terdapat kejadian lain yang bersifat material
(subsequent event di luar kegiatan usaha normal yang mempengaruh kualitas, risiko, atau karakteristik
ekonomi portofolio kredit yang dinilai, maka dapat diperlukan penilaian kembali atas Nilai Pasar aset
portofolio kredit tersebut.
3. Seluruh data yang diberikan dan persetujuan penggunaan laporan keuangan, merupakan tanggung jawab
manajemen BBTN, dan membebaskan ID&R dan para pegawainya dari tanggung jawab akibat kesalahan
informasi.
4. Kami telah melakukan penelaahan atas data dan informasi yang digunakan dalam proses penilaian yang
Page 11
disiapkan oleh manajemen BBTN.
5. Kami telah turut melakukan penelaahan atas legalitas Aset Portofolio Kredit SMBCI melalui berbagai
pembahasan selama proses Transaksi, namun tidak termasuk klarifikasi atas keabsahan dokumen
kepemilikan aset.
6. Laporan penilaian ini digunakan sebagaimana tujuan penilaian kecuali terdapat informasi yang bersifat
rahasia, yang dapat mempengaruhi operasional BBTN, serta tidak dimaksudkan untuk memberikan opini
atau rekomendasi, selain untuk kepentingan yang telah dijelaskan sebelumnya.
7. Kami telah mereviu data Aset Portofolio Kredit pada saat penilaian, namun terbatas pada kondisi
perubahan perhitungan yang mungkin terjadi ataupun tidak terjadi di masa depan akibat satu dan lain hal.
8. Kami bertanggung jawab atas pelaksanaan penilaian dalam laporan penilaian ini.
9. Kami tidak mempunyai kepentingan terhadap aset, kepemilikan atau kepentingan bisnis yang menjadi
subyek dari penilaian ini, baik untuk saat ini maupun dimasa mendatang. Kami tidak memiliki kepentingan
pribadi atau kecenderungan untuk berpihak berkenaan dengan subyek dari laporan ini maupun pihak-
pihak yang terlibat di dalamnya.
10.Kompensasi yang kami terima dari penugasan penilaian ini tidak dikaitkan dengan nilai yang dilaporkan
ataupun didasarkan pada hasil penilaian yang telah ditentukan sebelumnya.
11.Analisa, opini dan kesimpulan telah dibuat, dan laporan ini telah disusun sesuai dengan Standar Penilaian
Indonesia (SPI) 2018 dari Masyarakat Profesi Penilai Indonesia (“MAPPI”).
12.Penilaian disusun berdasarkan kondisi pasar saat ini. Kejadian dimasa mendatang merupakan suatu hal
yang sulit diprediksi, sehingga perubahan kondisi pasar di kemudian hari mungkin dapat mempengaruhi
nilai yang ditentukan saat ini.
13.Data dan informasi yang kami peroleh berasal dari sumber yang dapat dipercaya keakuratannya.
14.Tanda tangan pimpinan dan cap yang resmi merupakan syarat mutlak sahnya Certificate of Appraisal ini
dan laporan yang terlampir.
15.Kami bertanggung jawab atas pelaksanaan penilaian, laporan penilaian, dan kesimpulan nilai akhir dari
penilaian yang dilakukan.
RINGKASAN LAPORAN PENILAI ATAS KEWAJARAN TRANSAKSI
Ringkasan Laporan Pendapat Kewajaran (Fairness Opinion)
Berikut ini adalah ringkasan dari Laporan Pendapat Kewajaran atas Transaksi Akuisisi Aset Portofolio Kredit dan
Aset Terkait Lainnya Milik PT Bank SMBCI Indonesia Tbk (SMBCI) oleh PT Bank Tabungan Negara (Persero)
Tbk per tanggal penilaian 31 Desember 2025 yang diterbitkan oleh KJPP Ihot Dollar & Raymond; Laporan
No.00085/2.0110-00/BS/04/01131/VI/2026 tanggal 29 Juni 2026.
A. Identitas Pihak Penilai
KJPP Ihot Dollar & Raymond (‘ID&R”) merupakan kantor jasa penilai publik yang terdaftar sebagai profesi
penunjang di pasar modal berdasarkan Surat Izin Usaha dari Menteri Keuangan Nomor 1408/KM.1/2012
tanggal 27 November 2012. Rekan Penanda Tangan Laporan telah memenuhi persyaratan pendidikan
profesional yang ditentukan dan/atau diselenggarakan oleh asosiasi Penilai yang diakui Pemerintah dengan
No. MAPPI: 03-S-01751 dan No. Izin: STTD.PB-13/PJ-1/PM.02/2023.
Page 12
B. Objek Transaksi
Rincian Objek Transaksi beserta Nilai Pasarnya masing-masing per 31 Desember 2025 adalah sebagai
berikut:
Keterangan Nilai Buku (Rp) Nilai Pasar (Rp)
Aset Portofolio Kredit 12.405.231.673.373 12.980.915.323.295
Asuransi Dibayar di muka 602.894.492.261 602.894.492.261
Biaya Flagging Dibayar di Muka 89.101.380.189 89.101.380.189
Piutang Bunga Kredit yang Diberikan 143.547.969.644 143.547.969.644
Total 13.240.775.515.467 13.816.459.165.389
Nilai Pasar Aset Portofolio Kredit adalah sebesar Rp 12.980.915.323.295 sebagaimana telah dinilai oleh
KJPP Ihot Dollar & Raymond dan disajikan dalam Laporan Penilaian Aset Portofolio Kredit Pensiunan –
PT. Bank SMBC Indonesia Tbk per 31 Desember 2025; No. ID&R/DV/VI/290626-01 tertanggal 29 Juni 2026.
Aset Portofolio Kredit tersebut pada dasarnya mencakup Kredit Pensiun (Kredit Pensiun Sejahtera), Kredit
Pra-Pensiun dan Kredit Karyawan Aktif untuk para Karyawan dari Badan Usaha Milik Negara dan/atau
institusi pemerintah. Secara spesifik, aset-aset tertentu yang tidak ikut menjadi objek dalam Transaksi adalah
termasuk aset-aset yang telah jatuh tempo sebelum tanggal 31 Desember 2025, dan seluruh aset Non-
TASPEN (mencakup antara lain Dana Pensiun ASABRI dan Dapen beberapa BUMN).
Sebagai perbandingan terhadap harga pembelian yang disepakati sebagaimana disebutkan di atas,
berdasarkan ketentuan CPTA apabila Transaksi dilaksanakan pada tanggal 31 Desember 2025, maka harga
pembelian dari Transaksi adalah Rp13.702.610.844.722 (tiga belas triliun tujuh ratus dua miliar enam ratus
sepuluh juta delapan ratus empat puluh empat ribu tujuh ratus dua puluh dua Rupiah), yang mana menjadi
referensi Nilai Transaksi yang dianalisa kewajarannya terhadap Nilai Pasar Aset Portofolio Kredit dalam
Laporan Pendapat Kewajaran KJPP Ihot Dollar & Raymond atas Transaksi Akuisisi Aset Portofolio Kredit
dan Aset Terkait Lainnya Milik PT Bank SMBC Indonesia Tbk per Tanggal Penilaian 31 Desember 2025 oleh
Perseroan No. 00085/2.0110-00/BS/07/01131/VI/2026 tertanggal 29 Juni 2026.
C. Maksud dan Tujuan Penilaian
Maksud dari penyusunan laporan ini adalah untuk memberikan pendapat kewajaran atas transaksi akuisisi
aset portofolio kredit pensiunan yang manfaat pensiunnya dikelola oleh TASPEN beserta aset terkait lainnya
milik SMBCI oleh Perseroan.
Adapun Transaksi telah tertuang dalam suatu Perjanjian Pengalihan Portofolio Bersyarat (“Conditional
Portfolio Transfer Agreement” atau “CPTA”) tertanggal 22 Mei 2026 di mana SMBCI setuju untuk menjual
dan mengalihkan, dan Perseroan setuju untuk membeli dan menerima Portofolio Pinjaman sehubungan
dengan pensiunan dan pra-pensiunan dengan manfaat pensiun yang dikelola oleh TASPEN. Sebagai
informasi, Perseroan telah mengumumkan Keterbukaan Informasi atas penandatanganan CPTA tersebut
pada tanggal 25 Mei 2026 berdasarkan Surat Perseroan No. 1128/CSD/CMPO/V/2026, yang mana informasi
dalam Keterbukaan Informasi ini sekaligus memberitahukan kepada para pemegang saham Perseroan dan
publik bahwa Transaksi sebagaimana dalam CPTA telah mencapai penyelesaian antara Perseroan dan
SMBCI.
Tujuan penyusunan laporan ini adalah untuk memenuhi ketentuan pasar modal yang berlaku bagi Perseroan
sehubungan dengan Transaksi yang dikategorikan sebagai Transaksi Material sebagaimana diatur dalam
ketentuan Peraturan OJK No. 17/POJK.04/2020 (“POJK 17/2020”) tentang “Transaksi Material dan
Page 13
Perubahan Kegiatan Usaha” yang diundangkan oleh Menteri Hukum dan Hak Asasi Manusia Republik
Indonesia tanggal 21 April 2020, di mana Nilai Transaksi sebesar Rp12.584.944.256.063 adalah merupakan
34,7% dari total nilai Ekuitas Perseroan berjumlah Rp 36.210.293 Juta dalam Laporan Keuangan
Konsolidasian Perseroan tanggal 31 Desember 2025 dan untuk tahun yang berakhir pada tanggal tersebut
yang telah diaudit oleh KAP Purwanto Susanti dan Surja (Ernst & Young), dengan Laporan Auditor
Independen tersebut bernomor 00028/2.1505/AU.1/07/1681-3/1/II/2026 tertanggal 10 Februari 2026 yang
ditandatangani oleh Christophorus Alvin Kossim (Reg.AP No.1681) dengan opini Wajar Tanpa Modifikasian.
Dalam POJK 17/2020 tersebut, disebutkan bahwa yang dimaksud dengan transaksi material adalah setiap
penyertaan dalam badan usaha, proyek, dan/atau kegiatan usaha tertentu; pembelian, penjualan,
pengalihan, penggunaan, tukar-menukar aset atau segmen operasi; perolehan, pelepasan, dan/atau
penggunaan jasa; sewa-menyewa aset; pinjam-meminjam dana termasuk pengalihannya; menjaminkan aset
perusahaan terbuka dan/atau perusahaan terkendali atas pinjaman dari pihak lain; dan memberikan jaminan
perusahaan (corporate guarantee), dengan nilai transaksi sama dengan 20% atau lebih dari ekuitas
perusahaan terbuka.
Secara keseluruhan pemberian pendapat kewajaran ini adalah untuk memberikan opini apakah Transaksi
tersebut merupakan transaksi yang wajar, sebagaimana diatur dalam POJK 17/2020. Selanjutnya dalam
analisa terhadap Transaksi tersebut, kami mempertimbangkan sisi kualitatif maupun kuantitatif serta dampak
bagi Perseroan dan Pemegang Saham Perseroan, termasuk risiko keuangan.
D. Asumsi dan Kondisi Pembatas
1. Menghasilkan laporan yang bersifat Non-disclaimer opinion.
2. Kami menghasilkan laporan pendapat kewajaran yang terbuka untuk publik, kecuali terdapat informasi
yang bersifat rahasia yang dapat mempengaruhi operasional perusahaan.
3. Kami bertanggung jawab atas laporan pendapat kewajaran dan kesimpulan dari penilaian yang dilakukan.
4. Kami telah memperoleh informasi atas status hukum objek penilaian dari Perseroan.
5. Kami telah turut melakukan penelaahan atas data dan informasi keuangan maupun non-keuangan yang
digunakan dalam laporan ini berasal dari dokumen yang disampaikan oleh Perseroan dan sumber lain
yang dianggap relevan dan dapat dipercaya keakuratannya termasuk reviu dan analisa kuantitatif terkait
penggunaan data keuangan yang telah direview dan/atau diolah lebih lanjut oleh team Deloitte selaku
konsultan Uji Tuntas Aspek Loan Analytics, Komersial, SDM, dan Hukum, khususnya populasi data
portofolio kredit termasuk detail status kolektibilitas, saldo pinjaman, suku bunga, sisa tenor pinjaman
serta kategori kantor bayar (TASPEN), aspek legal terkaitnya serta kriteria pemisahan/pengecualian data,
dan lainnya.
6. Transaksi dilaksanakan sesuai dengan ketentuan yang disepakati para pihak dalam CPTA. Pendapat
Kewajaran atas Transaksi turut bergantung pada asumsi-asumsi final terkait transaksi akuisisi Aset
Portofolio Kredit yang telah disetujui Perseroan, khususnya dalam hal perlakuan atas setiap aset dan
seluruh angka yang menjadi bagian dari Objek Transaksi.
7. Meskipun penyelesaian Transaksi direncanakan dilakukan dalam bulan Juni 2026 dengan Nilai Transaksi
yang telah disesuaikan secara otomatis sebagaimana diatur dalam CPTA, berdasarkan saldo pokok
portofolio kredit pada saat penyelesaian transaksi, analisa kewajaran dalam laporan ini tetap didasarkan
pada kondisi dan informasi yang tersedia pada Tanggal Penilaian, yaitu 31 Desember 2025. Penyesuaian
Nilai Transaksi yang terjadi menjelang penyelesaian transaksi terutama disebabkan oleh penurunan saldo
pokok Aset Portofolio Kredit sebagai akibat pembayaran angsuran dan pelunasan dalam kegiatan usaha
Page 14
normal (ordinary course of business), dan bukan karena perubahan karakteristik ekonomi, kualitas kredit,
maupun metodologi penentuan harga transaksi. Oleh karena itu, Penilai berpendapat bahwa penyesuaian
tersebut tidak mengubah kesimpulan mengenai kewajaran transaksi berdasarkan kondisi pada Tanggal
Penilaian.
8. Tidak terdapat perubahan material atas kondisi ekonomi, industri, regulasi, maupun kualitas portofolio
sejak tanggal penilaian sampai dengan tanggal laporan ini yang dapat mempengaruhi kesimpulan
pendapat kewajaran secara material .
9. Pendapat ini disusun untuk kepentingan sebagaimana disebutkan dalam laporan dan tidak dimaksudkan
untuk digunakan di luar tujuan tersebut tanpa persetujuan tertulis dari ID&R.
10.Pendapat kewajaran ini tidak dimaksudkan sebagai audit, due diligence hukum, due diligence pajak, due
diligence keuangan atau lainnya maupun rekomendasi investasi. Penilai tidak memberikan pernyataan
mengenai kepastian tercapainya proyeksi penerimaan pembayaran pokok dan bunga pinjaman dalam
portofolio kredit tersebut maupun kepastian tercapainya estimasi manfaat ekonomis di masa depan.
Analisa proforma bersifat indikatif dan digunakan untuk menilai potensi dampak keuangan dari
pelaksanaan Transaksi.
E. Tanggal Penilaian
Tanggal penilaian (cut off date) penilaian adalah per 31 Desember 2025, di mana batas tersebut diambil atas
dasar pertimbangan kepentingan dan tujuan penilaian.
F. Analisa Kewajaran Transaksi
Berikut ini adalah ringkasan Analisa KewajaranTransaksi:
1) Analisa Nilai Transaksi
Sebagaimana tercantum dalam Perjanjian Pengalihan Portofolio Bersyarat (“Conditional Portfolio
Transfer Agreement” atau “CPTA”) antara Perseroan dan dengan PT Bank SMBC Indonesia Tbk
(“SMBCI”) tertanggal 22 Mei 2026, SMBCI setuju untuk menjual dan mengalihkan, dan Perseroan setuju
untuk membeli dan menerima Aset Portofolio Kredit/Pinjaman sehubungan dengan pensiunan dan
pra-pensiunan dengan manfaat pensiun yang dikelola oleh PT Dana Tabungan dan Asuransi Pegawai
Negeri (Persero) (“TASPEN”), dengan harga total pembelian Aset Portofolio Kredit beserta Aset
Terkaitnya yang ditentukan sebesar Rp12.584.944.256.063. Harga pembelian (“Nilai Transaksi”) tersebut
akan dibayarkan oleh Perseroan kepada SMBCI pada tanggal penyelesaian berdasarkan CPTA.
Dalam kaitannya dengan ketentuan pasar modal yang berlaku bagi Transaksi Perseroan sebagaimana
diatur dalam ketentuan Peraturan OJK No. 17/POJK.04/2020 (“POJK 17/2020”) tentang “Transaksi
Material dan Perubahan Kegiatan Usaha” yang diundangkan oleh Menteri Hukum dan Hak Asasi Manusia
Republik Indonesia tanggal 21 April 2020, Transaksi Perseroan dikategorikan sebagai Transaksi Material
karena Nilai Transaksi sebesar Rp12.584.944.256.063 tersebut mencapai 34,7% dari total nilai Ekuitas
Perseroan berjumlah Rp 36.210.293 Juta sesuai Laporan Keuangan Konsolidasian Perseroan tanggal 31
Desember 2025 dan untuk tahun yang berakhir pada tanggal tersebut yang telah diaudit oleh KAP
Purwanto Susanti dan Surja (Ernst & Young), dengan Laporan Auditor Independen tersebut bernomor
00028/2.1505/AU.1/07/1681-3/1/II/2026 tertanggal 10 Februari 2026 yang ditandatangani oleh
Christophorus Alvin Kossim (Reg.AP No.1681) dengan opini Wajar Tanpa Modifikasian.
Penilai berpendapat bahwa meskipun penyelesaian Transaksi dilakukan pada tanggal 29 Juni 2026
Page 15
dengan Nilai Transaksi sebesar Rp12.584.944.256.063 sebagaimana disepakati dalam CPTA,
berdasarkan saldo pokok portofolio kredit pada saat penyelesaian transaksi, analisa kewajaran dalam
laporan ini tetap didasarkan pada kondisi dan informasi yang tersedia pada Tanggal Penilaian, yaitu 31
Desember 2025. Pada tanggal tersebut harga pembelian atas Aset Portofolio Kredit beserta Aset
Terkaitnya milik SMBCI adalah terhitung berjumlah Rp13.702.610.844.722. Jumlah inilah yang menjadi
referensi Nilai Transaksi yang dianalisa kewajarannya terhadap Nilai Pasar Aset Portofolio Kredit per 31
Desember 2025. Penyesuaian Nilai Transaksi pada saat penyelesaian transaksi disebabkan oleh
penurunan saldo pokok Aset Portofolio Kredit sebagai akibat pembayaran angsuran dan pelunasan dalam
kegiatan usaha normal (ordinary course of business), dan bukan karena perubahan karakteristik ekonomi,
kualitas kredit, maupun metodologi penentuan harga transaksi. Oleh karena itu, Penilai berpendapat
bahwa penyesuaian tersebut tidak mengubah kesimpulan mengenai kewajaran transaksi berdasarkan
kondisi pada Tanggal Penilaian.
Berdasarkan Laporan Penilaian Aset Portofolio Kredit PT Bank SMBC Indonesia Tbk
No.ID&R/DV/VI/290626-01 tertanggal 29 Juni 2026 oleh KJPP Ihot Dollar & Raymond, diperoleh Nilai
Pasar Aset Portofolio Kredit sebesar Rp12.980.915.323.295 (yang dihitung menggunakan metode Arus
Kas Terdiskonto (Discounted Cash Flow/DCF) dan metode Penyesuaian Aset Bersih (Adjusted Net Asset
method). Berikut perincian nilai dari seluruh Objek Transaksi yang akan diakuisisi oleh Perseroan dari
SMBCI, yang mencakup Aset Portofolio Kredit beserta Aset Terkaitnya: Asuransi Dibayar di Muka, Biaya
Flagging Dibayar di Muka, dan Piutang Bunga Kredit yang Diberikan:
Keterangan Nilai Buku (Rp) Nilai Pasar (Rp) Nilai Transaksi (Rp)
Portofolio Kredit 12.405.231.673.373 12.980.915.323.295 12.867.067.002.628
Asuransi Dibayar di Muka 602.894.492.261 602.894.492.261 602.894.492.261
Biaya Flagging Dibayar di Muka 89.101.380.189 89.101.380.189 89.101.380.189
Piutang Bunga Kredit yang Diberikan 143.547.969.644 143.547.969.644 143.547.969.644
Total 13.240.775.515.467 13.816.459.165.389 13.702.610.844.722
Pada tabel di atas terlihat bahwa Total Nilai Transaksi yang Terhitung per 31 Desember 2025 sebesar
Rp 13,7 Triliun masih berada di bawah Total Nilai Pasar Objek Transaksi dengan selisih jumlah sebesar
Rp113.848.320.666 (merupakan manfaat ekonomis) atau sekitar 0,82%, sehingga masih berada dalam
kisaran toleransi kewajaran nilai (di mana batas atas dan bawahnya adalah maksimum berjumlah 7,5%)
sesuai POJK Nomor 35/POJK.04/2020.
Dengan demikian maka kami berpendapat bahwa Nilai Transaksi dalam Transaksi Akuisisi Aset Portofolio
Kredit Pensiunan dengan Manfaat Pensiun yang Dikelola TASPEN beserta aset terkait lainnya milik PT
Bank SMBC Indonesia Tbk oleh PT Bank Tabungan Negara (Persero) Tbk adalah wajar dan
menguntungkan dari sudut pandang finansial, serta akan dapat memberikan dampak positif bagi
Perseroan di masa mendatang.
2) Analisa Posisi Proforma Keseluruhan Transaksi
Analisa atas Proforma Keuangan Transaksi terutama membandingkan kondisi keuangan antara posisi
proforma Laporan Posisi Keuangan Perseroan sebelum dilaksanakannya Transaksi dan sesudah
dilaksanakannya Transaksi.
Analisa Proforma telah disusun berdasarkan asumsi bahwa transaksi dilaksanakan berdasarkan posisi
Page 16
keuangan dan nilai objek transaksi pada tanggal 31 Desember 2025 (Tanggal Penilaian). Nilai transaksi
aktual pada saat penyelesaian transaksi dapat berbeda sebagai akibat penyesuaian saldo pokok
portofolio kredit yang terjadi dalam kegiatan usaha normal sampai dengan tanggal penyelesaian
transaksi. Perbedaan tersebut tidak mempengaruhi tujuan analisa proforma maupun kesimpulan
kewajaran yang disusun berdasarkan Tanggal Penilaian.
Ringkasan dampak keuangan dalam analisaaaa proforma dari Transaksi adalah sebagai berikut:
Total/Rasio Sebelum Transaksi Sesudah Transaksi Indikasi Dampak
Total Aset Rp527.793 Milyar Rp533.773 Milyar Meningkat – akibat pengakuan Aset
Portofolio Kredit baru beserta aset
terkaitnya
Aset Likuid / Total Aset 21,46% 20% Menurun – sebagian aset likuid
untuk danai Transaksi sebesar
Rp6,6 Triliun
Total Pinjaman/ DPK 95,01% 98,11% Meningkat – kisaran wajar
Pinjaman Jangka Pendek/ 0% 16,58% Meningkat – akibat pengakuan
Ekuitas pinjaman jangka pendek - Rp 6T
Ekuitas / Total Aset 6,86% 6,78% Menurun - marjinal
Liabilitas / Total Aset 93,14% 93,22% Meningkat - marjinal
Debt to Equity 13,58x 13,75x Meningkat - marjinal
Analisa proforma menunjukkan bahwa pelaksanaan Transaksi diperkirakan meningkatkan total aset
Perseroan melalui pengakuan aset portofolio kredit yang diakuisisi. Sebagian kebutuhan pendanaan
transaksi dipenuhi melalui penggunaan dana internal Perseroan sehingga menurunkan proporsi aset
likuid terhadap total aset, sedangkan sisanya dipenuhi melalui fasilitas pendanaan wholesale jangka
pendek sebesar Rp6 triliun. Sebagai konsekuensinya, rasio leverage Perseroan meningkat secara
marginal, namun struktur permodalan dan likuiditas Perseroan diperkirakan tetap berada pada tingkat
yang memadai setelah pelaksanaan Transaksi. Dengan demikian, dampak Transaksi terhadap
permodalan Perseroan dinilai masih dapat dikelola dengan baik dan tidak menimbulkan risiko yang
bersifat material terhadap keberlangsungan usaha Perseroan.
3) Analisa Manfaat Ekonomis dan Inkremental – Tambahan Penghasilan Bunga Kredit
Analisa inkremental dan profitabilitas atas Transaksi dilakukan untuk melihat potensi manfaat ekonomis
dengan dilaksanakannya Transaksi serta potensi tambahan pendapatan bunga di masa depan dengan
sesudah dilaksanakannya Transaksi.
Parameter Hasil
Nilai Pasar Objek Transaksi Rp13.816.459.165.389
Nilai Transaksi Rp13.702.610.844.722
Manfaat Ekonomis / Diskon Rp113.848.320.666
Diskon terhadap Nilai Pasar 0,82%
Premium terhadap Nilai Buku 0,86%
Estimasi Potensi Pendapatan Bunga Kontraktual Bruto Rp 8 Triliun
Page 17
Transaksi tersebut merupakan bagian dari strategi Perseroan untuk memperkuat segmen kredit
konsumer, khususnya kredit pensiunan yang memiliki karakteristik arus kas relatif stabil, basis debitur
yang teridentifikasi, dan mekanisme pembayaran yang lebih terstruktur.
Berdasarkan analisa manfaat ekonomis dan inkremental yang atas Transaksi terlihat bahwa Transaksi
yang dilakukan Perseroan akan menghasilkan manfaat ekonomis Rp 113,8 Milyar dan potensi perolehan
tambahan/inkremental pendapatan bunga kontraktual bruto kredit yang diestimasi berjumlah Rp 8 Triliun
selama sisa tenor Aset Portofolio Kredit.
G. Kesimpulan Pendapat Kewajaran atas Transaksi
Berdasarkan hasil analisa kualitatif dan kuantitatif yang telah dilakukan terhadap Transaksi, termasuk analisa
industri dan prospek usaha, analisa manfaat dan risiko, analisa nilai transaksi, analisa posisi keuangan
historis dan proforma Perseroan, analisa manfaat ekonomis serta analisa kewajaran transaksi secara
keseluruhan, kami berpendapat bahwa Rencana Akuisisi Aset Portofolio Kredit Pensiunan dengan Manfaat
Pensiun yang dikelola oleh TASPEN beserta aset terkait lainnya milik SMBCI oleh Perseroan memiliki dasar
pertimbangan yang memadai dan memberikan manfaat strategis maupun finansial bagi Perseroan.
Dari sisi nilai transaksi, Nilai Transaksi berada pada tingkat yang lebih rendah dibandingkan dengan Nilai
Pasar Objek Transaksi sebagaimana dihasilkan dalam Laporan Penilaian Independen. Kondisi tersebut
menunjukkan bahwa Perseroan memperoleh manfaat ekonomis berupa selisih positif antara Nilai Pasar dan
Nilai Transaksi yang memberikan keuntungan finansial bagi Perseroan dan para pemegang saham
Perseroan.
Dari sisi keuangan, hasil analisa proforma menunjukkan bahwa pelaksanaan Transaksi diperkirakan
memberikan dampak positif terhadap peningkatan Total Aset Perseroan serta potensi peningkatan laba ke
depannya.
Dari sisi strategis, Transaksi akan memperkuat posisi Perseroan dalam segmen kredit pensiunan yang
memiliki karakteristik risiko relatif rendah, arus kas yang stabil, mekanisme pembayaran yang terstruktur,
serta memberikan peluang peningkatan pendapatan bunga dan pengembangan hubungan bisnis jangka
panjang dengan basis nasabah pensiunan.
Dengan mempertimbangkan seluruh hasil analisa tersebut di atas serta asumsi-asumsi dan kondisi pembatas
yang digunakan dalam penyusunan Pendapat Kewajaran ini, kami berpendapat bahwa Transaksi Akuisisi
Aset Portofolio Kredit Pensiunan dengan Manfaat Pensiun yang Dikelola oleh TASPEN beserta aset terkait
lainnya milik SMBCI oleh Perseroan adalah wajar dan menguntungkan dari sudut pandang keuangan.
PENJELASAN, PERTIMBANGAN, DAN ALASAN DILAKUKANNYA TRANSAKSI SERTA PENGARUH
TRANSAKSI TERSEBUT PADA KONDISI KEUANGAN PERSEROAN
A. PENJELASAN DAN PERTIMBANGAN DILAKUKAN TRANSAKSI MATERIAL
Perseroan mempertimbangkan pelaksanaan transaksi sebagai bagian dari rencana jangka panjang
pertumbuhan bisnis perusahaan, di mana saat ini Perseroan fokus pada ekspansi bisnis dan meningkatkan
portofolio selain kredit perumahan yang menjadi tumpuan bisnis. Dengan pelaksanaan transaksi dimaksud
Perseroan dapat meningkatkan citra perusahaan yang berkembang bukan hanya sebagai Bank Spesialis
Kredit Perumahan.
B. PENGARUH TRANSAKSI PADA KONDISI KEUANGAN PERSEROAN
Dengan adanya transaksi, pada akhir Desember 2026 diproyeksikan akan menambah laba bagi Perseroan,
Page 18
menekan NPL sebesar -0,11%, peningkatan yield 0,10%, peningkatan NIM 0,10%, Peningkatan RoA 0,14%,
Peningkatan RoE 1,80% dengan tetap menjaga LDR diangka 95,68% dan LCR sebesar 116,01%.
PERNYATAAN DIREKSI DAN DEWAN KOMISARIS
Direksi dan Dewan Komisaris Perseroan, baik secara sendiri-sendiri maupun bersama-sama menyatakan bahwa:
(1) Transaksi bukan merupakan Transaksi Afiliasi dan Transaksi ini tidak mengandung Benturan Kepentingan
sebagaimana dimaksud dalam POJK 42/2020; dan
(2) Seluruh informasi atau fakta material telah diungkapkan dan informasi atau fakta tersebut tidak
menyesatkan.
Jakarta, 01 Juli 2026
PT Bank Tabungan Negara (Persero) Tbk
Direksi
Page 19
DISCLOSURE OF INFORMATION TO THE PUBLIC IN RELATION TO A MATERIAL TRANSACTION AS REFERRED TO IN
FINANCIAL SERVICES AUTHORITY REGULATION ("POJK") NO. 17/POJK.04/2020 ON MATERIAL TRANSACTIONS AND
CHANGES IN BUSINESS ACTIVITIES ("POJK 17/2020")
PT BANK TABUNGAN NEGARA (PERSERO) Tbk
(“the Company”)
Line of Business:
Banking
Domiciled in Central Jakarta, Indonesia
Head Office
Menara BTN Jalan Gajah Mada Nomor 1, Jakarta Pusat 10130, Indonesia
PO BOX 3198 / JKT 10130
Tel.: (021) 633-6789
Email: csd@btn.co.id
Website: www.btn.co.id
THE INFORMATION SET OUT IN THIS DISCLOSURE OF INFORMATION IS IMPORTANT AND SHOULD BE READ AND
CAREFULLY CONSIDERED BY THE SHAREHOLDERS OF THE COMPANY IN RELATION TO THE MATERIAL TRANSACTION
PURSUANT TO POJK 17/2020.
KETERBUKAAN INFO
IF YOU HAVE DIFFICULTY UNDERSTANDING THE INFORMATION SET OUT IN THIS DISCLOSURE OF INFORMATION OR
ARE IN DOUBT AS TO THE DECISION TO BE MADE, YOU SHOULD CONSULT YOUR SECURITIES BROKER, INVESTMENT
MANAGER, LEGAL COUNSEL, ACCOUNTANT, FINANCIAL ADVISER OR OTHER PROFESSIONAL ADVISERS.
Afilias
This Disclosure of Information is Published in Jakarta on July 01st, 2026
Page 20
DEFINITIONS AND ABBREVIATIONS Affiliates means Affiliates as defined under the Capital Market Law and POJK No. 42/2020. SMBCI means PT Bank SMBC Indonesia Tbk. KJPP ID&R an abbreviation of KJPP Ihot Dollar & Raymond, is a Public Appraisal Firm (Kantor Jasa Penilai Publik – KJPP) and an independent appraiser. In such capacity, KJPP ID&R provides appraisal services in respect of the Loan Portfolio and issues a Fairness Opinion on the Transaction. Disclosure of Information means this Disclosure of Information provided to the Shareholders of the Company in compliance with POJK No. 17/POJK.04/2020 in relation to the Transaction. Customer means a retiree or pre-retiree whose pension benefits are administered by TASPEN, or an active employee who has obtained a loan from SMBCI pursuant to a customer agreement, including such person's heirs, provided that any Customer transferred to the Company shall be subject to the customer classification and eligibility criteria applicable to the Company from time to time. OJK means the Financial Services Authority (Otoritas Jasa Keuangan). Company means PT Bank Tabungan Negara (Persero) Tbk, a public company domiciled in Central Jakarta, whose shares are listed on the Indonesia Stock Exchange, duly established and existing under the laws of the Republic of Indonesia. POJK No. 42/2020 refers to OJK Regulation No. 42/POJK.04/2020 concerning Affiliated Transactions and Conflict of Interest Transactions. POJK 17/2020 means Financial Services Authority Regulation No. 17/POJK.04/2020 on Material Transactions and Changes in Business Activities. POJK 35/2020 means OJK Regulation No. 35/POJK.04/2020 concerning Business Valuation and the Preparation and Presentation of Business Valuation Reports in the Capital Market. Loan Portfolio means any and all rights, title, benefits, and interests of the Company in, to, or in connection with the customer loan documentation and receivables relating to the pension business in respect of the Customers transferred by SMBCI to the Company on the Transaction Closing Date. TASPEN means PT Taspen (Persero). Transaction means the transaction for the transfer of the Loan Portfolio, pursuant to which SMBCI agrees to sell and transfer, and the Company agrees to purchase and acquire, the Loan Portfolio. UU Pasar Modal means Law No. 8 of 1995 on Capital Markets, as amended by Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector and Law No. 4 of 2026 on the Amendment to Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector.
Page 21
INTRODUCTION
The information set out in this Disclosure of Information has been prepared to fulfill the Company's obligation to
announce the material transaction between the Company and SMBCI in connection with the Transaction, namely
the acquisition by the Company of the Loan Portfolio from SMBCI.
The Transaction was previously documented in a Conditional Portfolio Transfer Agreement ("CPTA"), pursuant
to which SMBCI agreed to sell and transfer, and the Company agreed to purchase and acquire, the Loan
Portfolio. For information purposes, the Company announced the Disclosure of Information regarding the
execution of the CPTA on 25 May 2026 through the Company's Letter No. 1128/CSD/CMPO/V/2026. This
Disclosure of Information also serves to notify the Company's shareholders and the public that the Transaction
contemplated under the CPTA has reached completion between the Company and SMBCI. A summary of the
principal terms and conditions of the CPTA was disclosed and announced by the Company through the
Disclosure of Information dated 25 May 2026 pursuant to the Company's Letter No. 1128/CSD/CMPO/V/2026.
There have been no material changes to the CPTA executed by the Company and SMBCI, other than the
satisfaction of the conditions precedent under the CPTA, resulting in the completion of the Transaction between
the Company and SMBCI.
The Transaction constitutes a Material Transaction as regulated under POJK 17/2020. The Transaction value
under the CPTA amounts to Rp12,584,944,256,063 (twelve trillion five hundred eighty-four billion nine hundred
forty-four million two hundred fifty-six thousand sixty-three Rupiah), representing 34.7% (thirty-four point seven
percent) of the Company's equity amounting to Rp36,210,293 million, based on the Company's Consolidated
Financial Statements as of and for the year ended 31 December 2025, which were audited by KAP Purwanto,
Sungkoro & Surja (Ernst & Young) and accompanied by Independent Auditor's Report No.
00028/2.1505/AU.1/07/1681-3/1/II/2026 dated 10 February 2026, signed by Christophorus Alvin Kossim
(Registered Public Accountant Registration No. 1681), expressing an unmodified opinion.
Based on the foregoing and with reference to Article 6 of POJK 17/2020, the Company is required to disclose
information regarding the Transaction to the public and the OJK.
DESCRIPTION OF THE TRANSACTION
A. TRANSACTION TIMELINE AND EFFECTIVE DATE
The Transaction contemplated under the CPTA was completed and became effective on 29 June 2026
upon the execution of the Deed of Assignment (Cessie) No. 67 dated 29 June 2026 by and between
the Company and SMBCI.
B. SUBJECT MATTER OF THE TRANSACTION
The subject matter of the Transaction is the acquisition of the Loan Portfolio comprising loans classified as
Collectibility Categories 1 and 2.
C. TRANSACTION VALUE
On the Transaction Closing Date, the amount paid by the Company to SMBCI was Rp12,584,944,256,063
(twelve trillion five hundred eighty-four billion nine hundred forty-four million two hundred fifty-six thousand
sixty-three Rupiah). Based on the Company's financial statements as of 31 December 2025, such amount
is equivalent to 34.7% (thirty-four point seven percent) of the Company's equity and therefore meets the
Page 22
threshold for a Material Transaction under POJK 17/2020.
D. PARTIES TO THE TRANSACTION
1. Identity of Party I
a. Name : PT Bank Tabungan Negara (Persero) Tbk
b. Address : Menara BTN Jalan Gajah Mada Nomor 1 Jakarta
c. Telp Number : 021-6336789
d. E-mail Address : csd@btn.co.id
e. Business Activities : Banking
f. Management Composition : Board of Directors
a. President Director
Nixon L.P. Napitupulu
b. Vice President Director
Oni Febriarto Rahardjo
c. Director of Risk Management
Setiyo Wibowo
d. Director of Consumer Banking
Hirwandi Gafar
e. Director of Finance & Strategy
Nofry Rony Poetra
f. Director of Human Capital & Compliance
Eko Waluyo
g. Director of Network & Retail Funding
Rully Setiawan
h. Director of Operations
I Nyoman Sugiri Yasa
i. Director of Commercial Banking
Hermita
j. Director of Treasury & International Banking
Venda Yuniarti
k. Director of Information Technology
Tan Jacky Chen
l. Director of Corporate Banking
Helmy Afrisa Nugroho
Board of Commissioners
a. President Commissioner
Suryo Utomo
b. Vice President Commissioner
Endra Gunawan*
c. Independent Commissioner
Panangian Simanungkalit
d. Independent Commissioner
Pietra Machreza Paloh
e. Independent Commissioner
Ida Nuryanti
Page 23
f. Commissioner
Fahri Hamzah
g. Commissioner
Didyk Choiroel*
*Effective upon obtaining the Financial Services Authority’s (OJK)
approval of the fit and proper assessment
g. Shareholding of The : 1. Badan Pengaturan Badan Usaha Milik Negara (BP
Company BUMN) – Holder of 0.60% of the Company’s Series A
Dwiwarna Shares.
2. PT Danantara Asset Management (Persero) – holder of
59.40% of the Company’s Series B Shares.
3. Public – holder of 40.00% of the Company’s Series B
Shares.
2. Identity of Party II
a. Name : PT Bank SMBC Indonesia Tbk
b. Address : Menara SMBC, Lantai 29, CBD Mega Kuningan, Jl. Dr. Ide
Anak Agung Gde Agung, Kav. 5.5 – 5.6, Jakarta Selatan
12950
c. Telephone Number : 021-30026200
d. E-mail Address : corporate.secretary@smbci.com
e. Business Activites : Banking
f. Management Composition : Board of Directors
a. President Director
Henoch Munandar
b. Vice President Director
Jun Saito
c. Vice President Director
Michellina Laksmi Triwardhany
d. Compliance Director
Dini Herdini
e. Director
Atsushi Hino
h. Director
Merisa Darwis
i. Director
Hanna Tantani
j. Director
Yuki Terayama
k. Director
Emilya Tjahjadi
Board of Commissioners
a. President Commissioner
Chow Ying Hoong
Page 24
b. Commissioner
Takeshi Kimoto
c. Commissioner
Marita Alisjahbana
d. Independent Commissioner
Linus Ekabranko Windoe
e. Independent Commissioner
Onny Widjanarko
f. Independent Commissioner
Kusumaningtuti Sandriharmy Soetiono
g. Shareholding of The : 1. Sumitomo Mitsui Banking Corporation Tbk 91.047%
Company 2. PT Bank Negara Indonesia (Persero) Tbk 0.113%
3. PT Bank Central Asia Tbk 1.031%
4. Other Shareholders, each holding less than 5% of the
shares: 7.803%
E. AFFILIATION BETWEEN THE PARTIES TO THE TRANSACTION AND THE COMPANY
Tidak terdapat hubungan Afiliasi antara Perseroan dengan SMBCI.
F. INDEPENDENT PARTIES APPOINTED IN CONNECTION WITH THE TRANSACTION
The independent party engaged by the Company in connection with this Material Transaction is KJPP ID&R
(Kantor Jasa Penilai Publik Ihot Dollar & Raymond), which has been appointed to provide appraisal services
in respect of the Loan Portfolio and to issue a Fairness Opinion on the Transaction.
KJPP ID&R has confirmed that it has no Affiliation, whether directly or indirectly, with the Company as defined
under the Capital Market Law.
SUMMARY OF THE APPRAISAL REPORT ON THE TRANSACTION OBJECT
Summary of The Appraisal Report on The Transaction Subject Matter of the Loan Portfolio Assets of PT
Bank SMBC Indonesia Tbk
The following is a summary of the Loan Portfolio Asset Valuation Report of PT Bank SMBC Indonesia Tbk as of
31 December 2025 issued by KJPP Ihot Dollar & Raymond, prepared in connection with the valuation engagement
pursuant to Procurement Agreement No. 06/SPP/PBD/V/2026 and No. 018/ID&R/SK/1905/26 dated 19 May 2026,
and Letter of Appointment No. 01/SPK/PBD/IV/2026 dated 21 April 2026.
A. Identity of the Appraiser
KJPP Ihot Dollar & Raymond ("ID&R") is a Public Appraisal Firm registered as a supporting professional in
the Indonesian capital market pursuant to the Business License issued by the Minister of Finance under
Decree No. 1408/KM.1/2012 dated 27 November 2012. The signing partner of the Fairness Opinion Report
has satisfied the professional education requirements prescribed and/or administered by the government-
recognized appraisers' association, holding MAPPI Registration No. 03-S-01751 and Capital Market
Supporting Professional Registration (STTD) No. STTD.PB-13/PJ-1/PM.02/2023.
Page 25
B. Subject Matter of the Appraisal
The subject of the valuation is the Loan Portfolio Assets of PT Bank SMBC Indonesia Tbk, comprising all
TASPEN loans only (for which the disbursement institution is PT TASPEN (Persero)) with Collectibility
Categories 1 and 2 ("Gross Loan – Col. 1 & 2"), as well as certain other performing loans ("Gross Loan –
Additional") (as set out in the Loan Analytics, Commercial, Human Resources, and Legal Due Diligence
Report prepared by Deloitte No. 31A/BTN/REP/DCS/2026 dated 15 May 2026) (collectively, the "Loan
Portfolio Assets"), with the details as of 31 December 2025 set out below:
Loan Category Remaining Tenor Interest Rate Range Total Amount (Rp)
Gross Loan – Col 1 & 2 6 – 183 months 4,3% - 25,6% 12.394.603.367.471
Gross Loan – Additional Up to 178 months 4,3% - 14,3% 10.628.305.902
Total 12.405.231.673.373
The Loan Portfolio Assets comprise Pension Loans (Kredit Pensiun Sejahtera), Pre-Retirement Loans, and
Active Employee Loans extended to employees of State-Owned Enterprises (Badan Usaha Milik Negara)
and/or government institutions. Specifically, certain accounts are excluded from the Transaction, including
accounts that had matured prior to 31 December 2025 and all Non-TASPEN accounts (including, among
others, accounts related to ASABRI Pension Fund (Dana Pensiun ASABRI) and the pension funds of several
State-Owned Enterprises).
C. Purpose and Objective
The purpose and objective of the valuation are to determine the value of the pension loan portfolio assets
owned by PT Bank SMBC Indonesia Tbk ("SMBCI"), the pension benefits of which are administered by PT
TASPEN (Persero) (hereinafter referred to as the "Loan Portfolio Assets"), for the purpose of the Company's
acquisition and to satisfy the requirements of the Indonesian capital market and the prevailing laws and
regulations of Indonesia. To accommodate these purposes, the valuation has been conducted on the basis
of the Market Value standard.
D. Valuation Currency
As the Company's financial statements are presented in Indonesian Rupiah ("IDR"), the appraisal was
conducted using IDR as the reporting currency.
E. Date of Valuation
The valuation cut-off date was 31 December 2025.
F. Basis of Value
For the purpose of this valuation, the basis of value adopted is Market Value, which is defined as follows:
"The estimated amount for which an asset or liability should exchange on the Valuation Date between a willing
buyer and a willing seller in an arm's length transaction, after proper marketing, wherein the parties had each
acted knowledgeably, prudently and without compulsion." (POJK No. 35/POJK.04/2020)
This valuation has been conducted in accordance with the applicable laws and regulations, including OJK
Regulation No. 35/POJK.04/2020 concerning Business Valuation and the Preparation and Presentation of
Business Valuation Reports in the Capital Market.
G. Valuation Approach and Methods
1) Discounted Cash Flow Method (“DCF METHOD”)
a. Discount Rate Applied
Under the Discounted Cash Flow ("DCF") Method adopted in the appraisal, the range of consumer loan
interest rates offered by several Indonesian state-owned banks as of the end of 2025, particularly for
Page 26
pensioners, was used as a benchmark. Based on such data, an average annual discount rate of
11.25% was adopted for discounting purposes.
Bank/Loan Facility Interest Rate Range % Remarks
Bank Mandiri Taspen / Kredit 8% - 14% p.a 10,74% > 0,8% per month as of year-end 2025
Pra-Pensiun
BNI Fleksi Pensiun 9,5% - 11,5%+ p.a 10,50% > 9,5% p.a
BRIguna Purna 11,52% - 14% p.a 12,50% > 0,96% per month
Total 11,25%
b. Calculation of the Present Value of Future Principal and Interest Collections
Based on the initial data received (comprising 344,643 borrowers), a selection process was conducted
to determine the data subject to valuation, covering the outstanding balances of the pension loan
portfolio (Gross Loan – Col. 1 & 2 and Gross Loan – Additional, for which the pension benefits are
administered by PT TASPEN) as of 31 December 2025 (with reference to the Loan Analytics,
Commercial, Human Resources, and Legal Due Diligence Report on SMBCI's Loan Portfolio prepared
by Deloitte No. 31A/BTN/REP/DCS/2026 dated 15 May 2026). Collectibility Category 1 comprised a
total of 334,956 accounts, of which only 231,595 were TASPEN accounts, while Collectibility Category
2 comprised a total of 5,963 accounts, of which only 2,937 were TASPEN accounts. In addition, the
Additional Loan Portfolio Assets relating to TASPEN comprised 116 accounts. Within this portfolio, the
contractual loan interest rates ranged from 4.3% to 25.6% per annum, with the remaining loan tenors
extending up to 183 months. Based on the remaining tenor of each borrower account, a revised fixed
monthly repayment amount (reflecting the applicable contractual interest rate for each borrower) was
calculated and subsequently used to determine the present value of the future cash receipts attributable
to each customer account using the above discount rate of 11.25%.
In addition, a Credit Cost adjustment equivalent to 0.4% of the outstanding loan principal over the
remaining loan tenor was incorporated into the valuation. This percentage represents the three-year
historical average Credit Cost, excluding the balance of Non-Performing Loans (NPL), with reference
to Deloitte Financial Due Diligence Report No. 31A/BTN/REP/DCS/2026 dated 15 May 2026. The
present value of such Credit Cost adjustment was subsequently calculated using the same discount
rate.
c. Indicative Valuation Result under the DCF Method
Based on the foregoing data, assumptions and calculations, the indicative Market Value of the Loan
Portfolio Assets under the DCF Method is as follows:
Description Amount (Rp)
Present Value of TASPEN Loan Portfolio Assets – Collectibility Categories 13.225.145.305.243
1&2
Present Value of Additional TASPEN Loan Portfolio Assets 10.917.837.950
Less: Loan Servicing Cost* (153.709.980.560) (1)
Less: Transaction Costs** (19.764.466.495) (2)
Indicative Market Value of the TASPEN Loan Portfolio Assets 13.062.588.696.138
Note : *(1) Loan Servicing Cost is calculated at 0.4% of the outstanding principal balance on a monthly basis
(representing the business cost reflected in Deloitte's report, with the Company expected to absorb any other related
costs internally following the migration); and (2) Transaction Costs are calculated on a pro rata basis by comparing the
book value of the Loan Portfolio Assets being valued to the aggregate book value of the entire loan portfolio (including
both TASPEN and Non-TASPEN portfolios), and multiplying the resulting proportion by the total professional fees of
all relevant advisors.
Page 27
2) Adjusted Net Asset Method (“ANAM”)
The following represents the indication of the Market Value of the Loan Portfolio Assets as of 31 December
2025, determined by deducting the estimated impairment losses (Allowance for Impairment Losses
(CKPN)) relating thereto from the book value of the Loan Portfolio Assets (as recognized by PT Bank
SMBC Indonesia Tbk), and subsequently adding the adjustments to the Allowance for Impairment Losses
(CKPN) made by Deloitte and the Company to ensure that the allowance is adequate.
Description Amount (Rp)
Carrying Value of Loan Portfolio Assets (Gross Loan – 12.394.603.367.471
Collectibility Categories 1 & 2)
Additional Loan Portfolio Assets 10.628.305.902
Subtotal 12.405.231.673.373
Less:
Expected Credit Losses (CKPN) – SMBCI (75.587.368.126)
Additional Expected Credit Losses (CKPN) – SMBCI (436.265.863)
Additional Expected Credit Loss Adjustment by BTN* (83.353.071.679)
Total Adjustments (159.376.705.668)
Indicative Market Value 12.245.854.967.705
*Note: Represents an additional adjustment required by BTN in connection with the acquisition to ensure the adequacy of the
estimated total allowance for expected credit losses (ECL) to be recognized in respect of the acquired loan portfolio assets.
3) Indicative Valuation Result
The final Market Value was determined by applying a weighted average to the valuation results obtained
under the two methodologies, assigning a weighting of 90% to the DCF Method and 10% to the ANAM.
Accordingly, the indicative Market Value of the Loan Portfolio Assets as of 31 December 2025 was
determined to be Rp12,980,915,323,295, as summarized below:
Valuation Method Market Value (Rp) Weight Weighted Value (Rp)
DCF Method 13.062.588.696.138 90% 11.756.329.826.524
ANAM Method 12.245.854.967.705 10% 1.224.585.496.771
Final Indicative Market Value 12.980.915.323.295
H. Valuation Conclusion
Based on the calculations and analyses performed as described above, the indicated Market Value of the
SMBCI Retiree Loan Portfolio Assets as of 31 December 2025 is IDR 12,980,915,323,295,-.
Other Factors That May Affect Value
The valuation is based on the following assumptions:
It is assumed that there have been no changes in economic conditions or any material deterioration in the
credit quality of the debtors included in the valuation between the Valuation Date and the date of issuance
of this Valuation Report. The Appraiser understands that, subsequent to the Valuation Date, the
outstanding principal balance of the loan portfolio has decreased as a result of scheduled loan repayments
and/or loan settlements in the ordinary course of business. Such reduction in the outstanding principal
Page 28
balance is a natural consequence of the characteristics of a loan portfolio and does not affect the basis of,
or the conclusions reached in, the valuation, which was performed based on the conditions and information
available as of the Valuation Date, namely 31 December 2025. However, should any other material
subsequent event occur after the Valuation Date, other than events arising in the ordinary course of
business, that affects the quality, risk profile, or economic characteristics of the loan portfolio being valued,
a reassessment of the Market Value of the Loan Portfolio Assets may be required.
As acknowledged by the Appraiser, the outstanding principal balance of the Loan Portfolio Assets
decreased from approximately IDR 12.405 trillion as of the Valuation Date to approximately IDR 11.8 trillion
prior to the date of this Report as a result of scheduled loan repayments and loan settlements in the
ordinary course of business. Such decrease is not considered a subsequent event requiring any
adjustment to the Market Value as of 31 December 2025.
I. Limiting Conditions
The valuation was prepared subject to the following assumptions and limiting conditions:
1. This valuation is based on our analysis and assessment of the Loan Portfolio Assets using the limited
data and information made available to us by the management of BBTN, BTPN, Deloitte, Assegaf Hamzah
& Partners ("AHP"), and SMBCI through Ernst & Young ("EY"), including, among others:
The consolidated financial statements of PT Bank SMBC Indonesia Tbk for the financial years ended
31 December 2021 through 2025, all of which have been audited by KAP Siddharta Widjaja & Rekan
(KPMG Indonesia) with unmodified audit opinions;
The Conditional Portfolio Transfer Agreement ("CPTA") dated 22 May 2026 entered into between
BBTN and SMBCI;
Loan Analytics, Commercial, Human Resources, and Legal Due Diligence Report on SMBCI's Loan
Portfolio prepared by Deloitte No. 31A/BTN/REP/DCS/2026 dated 15 May 2026;
The "Loan Tape" data file containing 344,643 individual borrower accounts, representing the complete
data tape population of the initial Loan Portfolio Assets as of 31 December 2025, obtained from the
EY team (the Seller's advisor). The file includes data on outstanding loan balances, interest rates, loan
tenors, and other relevant information (TASPEN/Non-TASPEN);
Transaction Documents;
2. From the Valuation Date until the cut-off date of the data made available to us, there have been no
significant changes in SMBCI's business performance that would affect the valuation conclusion.
However, subsequent to the Valuation Date, there has been a reduction in the outstanding principal
balance of the loan portfolio as a result of scheduled instalment payments and/or loan repayments made
in the ordinary course of business. Such changes in the outstanding principal balance are a normal
consequence of the nature of a loan portfolio and do not alter the basis or conclusions of the valuation,
which was performed based on the conditions and information available as of the Valuation Date, namely
31 December 2025. Accordingly, if any other material subsequent events occur after the Valuation Date
(other than those arising in the ordinary course of business) that affect the quality, risk profile, or economic
characteristics of the loan portfolio being valued, a reassessment of the Market Value of the loan portfolio
assets may be required.
3. All data supplied and the authorization to use the financial statements are the responsibility of the
Page 29
management of BTN. Accordingly, KJPP ID&R and its personnel shall not be liable for any inaccuracies
arising from such information.
4. KJPP ID&R has reviewed the data and information prepared by the management of BTN and used in the
valuation process.
5. We also reviewed the legal aspects of SMBCI's Loan Portfolio Assets through various discussions
conducted during the Transaction process. However, such review did not include any verification of the
validity or enforceability of the underlying asset ownership documents.
6. This appraisal report is intended solely for the purpose stated herein. Subject to confidential information
that may affect the Company's operations, the report should not be construed as providing any opinion or
recommendation other than for the purpose described in this report.
7. The review of the Loan Portfolio Assets reflects conditions existing as of the valuation date and does not
take into account future events or circumstances that may or may not occur.
8. KJPP ID&R accepts responsibility for the conduct of the valuation set out in this appraisal report.
9. KJPP ID&R has no present or prospective interest in the assets, ownership interests or business interests
forming the subject matter of this valuation. KJPP ID&R also has no personal interest or bias with respect
to the subject matter of this appraisal or any party involved in the Transaction.
10.The professional fees received for this valuation engagement are not contingent upon the reported value
or upon any predetermined valuation result.
11.The analyses, opinions and conclusions expressed in this report have been prepared in accordance with
the Indonesian Valuation Standards (SPI) 2018 issued by the Indonesian Society of Appraisers (MAPPI).
12.The valuation reflects prevailing market conditions as of the valuation date. Future events are inherently
uncertain, and subsequent changes in market conditions may affect the value concluded in this appraisal.
13.The data and information used in this valuation were obtained from sources believed to be reliable and
accurate.
14.The signature of the Managing Partner and the official seal are essential requirements for the validity of
this Certificate of Appraisal and the accompanying appraisal report.
15.KJPP ID&R accepts responsibility for the performance of the valuation engagement, the preparation of
the appraisal report, and the final valuation conclusion.
SUMMARY OF THE FAIRNESS OPINION REPORT ON THE TRANSACTION
Summary of The Fairness Opinion Report
The following is a summary of the Fairness Opinion Report in relation to the acquisition by PT Bank Tabungan
Negara (Persero) Tbk of the Loan Portfolio Assets and Other Related Assets of PT Bank SMBC Indonesia Tbk
("SMBCI"), with the valuation date of 31 December 2025, issued by KJPP Ihot Dollar & Raymond under Report
No. 00085/2.0110-00/BS/04/01131/VI/2026 dated 29 June 2026.
A. Identity of The Independent Appraiser
KJPP Ihot Dollar & Raymond ("ID&R") is a Public Appraisal Firm registered as a capital market supporting
professional with a business license granted by the Minister of Finance pursuant to Minister of Finance
Decree No. 1408/KM.1/2012 dated 27 November 2012. The signing partner of the report has fulfilled the
Page 30
professional education requirements prescribed and/or administered by the government-recognized
appraisers' association, holding MAPPI Registration No. 03-S-01751 and Appraiser Registration License No.
STTD.PB-13/PJ-1/PM.02/2023.
B. Subject Matter of The Transaction
The details of the Transaction Objects and their respective Market Values as of 31 December 2025, as
determined by KJPP Ihot Dollar & Raymond, are as follows:
Description Carrying Value (Rp) Market Value (Rp)
Loan Portfolio Assets 12.405.231.673.373 12.980.915.323.295
Prepaid Insurance 602.894.492.261 602.894.492.261
Prepaid Flagging Fees 89.101.380.189 89.101.380.189
Accrued Interest Receivables on Loans 143.547.969.644 143.547.969.644
Total 13.240.775.515.467 13.816.459.165.3889
The Market Value of the Loan Portfolio Assets is IDR 12,980,915,323,295, as appraised by KJPP Ihot Dollar
& Raymond and presented in the Valuation Report on the Pension Loan Portfolio Assets of PT Bank SMBC
Indonesia Tbk as of 31 December 2025, Report No. ID&R/DV/VI/290626-01 dated 29 June 2026.
The Loan Portfolio Assets primarily comprise Pension Loans (Kredit Pensiun Sejahtera), Pre-Retirement
Loans, and Active Employee Loans extended to employees of State-Owned Enterprises (Badan Usaha Milik
Negara) and/or government institutions. Specifically, certain assets are excluded from the scope of the
Transaction, including assets that had matured prior to 31 December 2025 and all Non-TASPEN assets
(including, among others, assets relating to the ASABRI Pension Fund and the pension funds of several
State-Owned Enterprises).
For comparison with the agreed purchase price referred to above, pursuant to the CPTA, had the Transaction
been completed on 31 December 2025, the purchase price would have been Rp13,702,610,844,722 (thirteen
trillion seven hundred two billion six hundred ten million eight hundred forty-four thousand seven hundred
twenty-two Rupiah). This amount serves as the reference Transaction Value used in assessing the fairness
of the Transaction Value against the Market Value of the Loan Portfolio Assets in the Fairness Opinion Report
issued by KJPP Ihot Dollar & Raymond entitled Fairness Opinion on the Acquisition of the Loan Portfolio
Assets and Other Related Assets of PT Bank SMBC Indonesia Tbk as of the Valuation Date of 31 December
2025 by the Company, No. 00085/2.0110-00/BS/07/01131/VI/2026 dated 29 June 2026.
C. Purpose and Objective of the Fairness Opinion
The purpose of this report is to provide a fairness opinion on the acquisition by the Company of the pension
loan portfolio, the pension benefits of which are administered by TASPEN, together with other related assets
owned by SMBCI.
The Transaction is documented in a Conditional Portfolio Transfer Agreement ("CPTA") dated 22 May 2026,
pursuant to which SMBCI agreed to sell and transfer, and the Company agreed to purchase and acquire, the
Loan Portfolio relating to retirees and pre-retirees whose pension benefits are administered by TASPEN. For
information purposes, the Company announced the Disclosure of Information regarding the execution of the
Page 31
CPTA on 25 May 2026 through the Company's Letter No. 1128/CSD/CMPO/V/2026. This Disclosure of
Information also serves to notify the Company's shareholders and the public that the Transaction
contemplated under the CPTA has been completed between the Company and SMBCI.
This report has been prepared to comply with the applicable capital market regulations governing the
Company in connection with the Transaction, which constitutes a Material Transaction under OJK Regulation
No. 17/POJK.04/2020 ("POJK 17/2020") concerning Material Transactions and Changes in Business
Activities, promulgated by the Minister of Law and Human Rights of the Republic of Indonesia on 21 April
2020. The Transaction value of Rp12,584,944,256,063 represents 34.7% of the Company's total equity of
Rp36,210,293 million, as reflected in the Company's Consolidated Financial Statements as of and for the
year ended 31 December 2025, which were audited by KAP Purwanto, Sungkoro & Surja (Ernst & Young)
and accompanied by Independent Auditor's Report No. 00028/2.1505/AU.1/07/1681-3/1/II/2026 dated 10
February 2026, signed by Christophorus Alvin Kossim (Registered Public Accountant Registration No. 1681),
expressing an unmodified opinion.
POJK 17/2020 defines a Material Transaction as any investment in a business entity, project, and/or certain
business activity; the purchase, sale, transfer, use, or exchange of assets or operating segments; the
acquisition, disposal, and/or procurement of services; the lease of assets; the borrowing or lending of funds,
including any transfer thereof; the creation of security over the assets of a public company and/or its controlled
company to secure obligations owed to another party; or the provision of a corporate guarantee, where the
transaction value is equal to or exceeds 20% of the public company's equity.
Overall, this Fairness Opinion is intended to provide an opinion as to whether the Transaction is fair in
accordance with POJK 17/2020. In assessing the Transaction, we have considered both qualitative and
quantitative factors, as well as the impact of the Transaction on the Company and its shareholders, including
the associated financial risks.
D. Assumptions and Limiting Conditions
The Fairness Opinion has been prepared based on the following assumptions and limiting conditions:
1. This Fairness Opinion constitutes a non-disclaimer opinion.
2. This Fairness Opinion has been prepared as a public report, except for confidential information that may
affect the Company's operations.
3. KJPP ID&R accepts responsibility for this Fairness Opinion and for the conclusions expressed herein.
4. KJPP ID&R has obtained information regarding the legal status of the Transaction subject matter from the
Company.
5. We have also reviewed the financial and non-financial data and information used in this report, which were
obtained from documents provided by the Company and other sources considered relevant and reliable.
Such review included a quantitative review and analysis of the financial data that had been reviewed
and/or further processed by Deloitte in its capacity as the consultant for the Loan Analytics, Commercial,
Human Resources, and Legal Due Diligence, particularly the loan portfolio data population, including
details of collectibility status, outstanding loan balances, interest rates, remaining loan tenors, payment
office classification (TASPEN), the related legal aspects, the criteria applied for data segregation and
exclusion, and other relevant information.
6. The Transaction was carried out in accordance with the terms and conditions agreed upon by the parties
under the CPTA. The Fairness Opinion on the Transaction is also based on the final assumptions relating
Page 32
to the acquisition of the Loan Portfolio Assets as approved by the Company, particularly with respect to
the treatment of each asset and all figures comprising the Transaction Object.
7. Although the completion of the Transaction is scheduled to take place in June 2026, with the Transaction
Value being automatically adjusted in accordance with the provisions of the CPTA based on the
outstanding principal balance of the loan portfolio at the completion date, the fairness analysis set out in
this report is based on the conditions and information available as of the Valuation Date, namely 31
December 2025. The adjustment to the Transaction Value prior to completion is primarily attributable to
the reduction in the outstanding principal balance of the Loan Portfolio Assets resulting from scheduled
instalment payments and loan repayments made in the ordinary course of business, and not to any change
in the economic characteristics, credit quality, or transaction pricing methodology. Accordingly, the
Appraiser is of the opinion that such adjustment does not affect the conclusion regarding the fairness of
the Transaction based on the conditions prevailing as of the Valuation Date.
8. There have been no material changes in the economic environment, industry conditions, regulatory
framework, or the quality of the loan portfolio from the Valuation Date up to the date of this report that
would materially affect the conclusion of this fairness opinion.
9. This Fairness Opinion has been prepared solely for the purpose stated in this report and may not be used
for any other purpose without the prior written consent of KJPP ID&R.
10.This fairness opinion is not intended to constitute an audit, legal due diligence, tax due diligence, financial
due diligence, or any other form of due diligence, nor should it be construed as an investment
recommendation. The Appraiser does not make any representation or warranty as to the realization of the
projected principal and interest repayments from the loan portfolio, nor as to the achievement of the
estimated future economic benefits. The pro forma analysis is presented for illustrative purposes only and
is intended solely to assess the potential financial impact of the Transaction.
E. Date of Valuation
The valuation cut-off date is 31 December 2025, which was determined based on the purpose and objectives
of the valuation.
F. Fairness Analysis of the Transaction
summary of the Fairness Analysis is set out below.
1) Transaction Value Analysis
As set out in the Conditional Portfolio Transfer Agreement ("CPTA") dated 22 May 2026 entered into
between the Company and PT Bank SMBC Indonesia Tbk ("SMBCI"), SMBCI agreed to sell and transfer,
and the Company agreed to purchase and acquire, the Loan Portfolio Assets relating to retirees and pre-
retirees whose pension benefits are administered by PT Dana Tabungan dan Asuransi Pegawai Negeri
(Persero) ("TASPEN"), for an agreed aggregate purchase price of Rp12,584,944,256,063 for the Loan
Portfolio Assets together with the Related Assets. Such purchase price (the "Transaction Value") was to
be paid by the Company to SMBCI on the Transaction Closing Date in accordance with the CPTA.
For the purposes of the capital market regulations applicable to the Transaction, as stipulated under OJK
Regulation No. 17/POJK.04/2020 ("POJK 17/2020") concerning Material Transactions and Changes in
Business Activities, promulgated by the Minister of Law and Human Rights of the Republic of Indonesia
on 21 April 2020, the Transaction constitutes a Material Transaction because the Transaction Value of
Rp12,584,944,256,063 represents 34.7% of the Company's total equity of Rp36,210,293 million, based
on the Company's Consolidated Financial Statements as of and for the year ended 31 December 2025,
which were audited by KAP Purwanto, Sungkoro & Surja (Ernst & Young) and accompanied by
Page 33
Independent Auditor's Report No. 00028/2.1505/AU.1/07/1681-3/1/II/2026 dated 10 February 2026,
signed by Christophorus Alvin Kossim (Registered Public Accountant Registration No. 1681), expressing
an unmodified opinion.
The Appraiser is of the opinion that, although the Transaction was completed on 29 June 2026 at the
Transaction Value of Rp12,584,944,256,063 as agreed under the CPTA, which reflected the outstanding
principal balance of the Loan Portfolio as of the Transaction Closing Date, the fairness analysis set out in
this report should appropriately be based on the conditions and information available as of the Valuation
Date, namely 31 December 2025. As of that date, the purchase price for the Loan Portfolio Assets together
with the Related Assets owned by SMBCI amounted to Rp13,702,610,844,722. This amount serves as
the reference Transaction Value against which the fairness of the Transaction is assessed relative to the
Market Value of the Loan Portfolio Assets as of 31 December 2025. The adjustment to the Transaction
Value upon completion of the Transaction resulted solely from the reduction in the outstanding principal
balance of the Loan Portfolio Assets due to scheduled loan repayments and loan settlements occurring in
the ordinary course of business, and was not attributable to any change in the economic characteristics
of the assets, the credit quality of the portfolio, or the methodology used to determine the purchase price.
Accordingly, the Appraiser is of the opinion that such adjustment does not affect the conclusion regarding
the fairness of the Transaction based on the conditions prevailing as of the Valuation Date.
Based on the Loan Portfolio Asset Valuation Report of PT Bank SMBC Indonesia Tbk No.
ID&R/DV/VI/290626-01 dated 29 June 2026 issued by KJPP Ihot Dollar & Raymond, the Market Value of
the Loan Portfolio Assets was determined to be Rp12,980,915,323,295, calculated using the Discounted
Cash Flow (DCF) Method and the Adjusted Net Asset Method. The following sets out the value of all
Transaction Assets to be acquired by the Company from SMBCI, comprising the Loan Portfolio Assets
together with the Related Assets, namely Prepaid Insurance, Prepaid Flagging Fees, and Accrued Interest
Receivables on Loans.
Description Carrying Value (Rp) Market Value (Rp) Transaction Value (Rp)
Loan Portfolio 12.405.231.673.373 12.980.915.323.295 12.867.067.002.628
Prepaid Insurance 602.894.492.261 602.894.492.261 602.894.492.261
Prepaid Flagging Fees 89.101.380.189 89.101.380.189 89.101.380.189
Accrued Interest Receivables on Loans 143.547.969.644 143.547.969.644 143.547.969.644
Total 13.240.775.515.467 13.816.459.165.389 13.702.610.844.722
As shown in the table above, the calculated Transaction Value as of 31 December 2025 of approximately
IDR 13.7 trillion remains below the aggregate Market Value of the Transaction Objects by IDR
113,848,320,666, representing an economic benefit of approximately 0.82%. Accordingly, the difference
remains within the acceptable fairness tolerance range (with the upper and lower limits not exceeding
7.5%) as stipulated under OJK Regulation No. 35/POJK.04/2020.
Based on the foregoing, we are of the opinion that the Transaction Value in connection with the acquisition
by PT Bank Tabungan Negara (Persero) Tbk of the pension loan portfolio assets relating to pension
benefits administered by TASPEN, together with the related assets, owned by PT Bank SMBC Indonesia
Tbk, is fair and financially beneficial. Furthermore, the Transaction is expected to generate positive
benefits for the Company in the future.
Page 34
2) Analysis of the Overall Pro Forma Financial Position of the Transaction
The analysis of the Transaction's pro forma financial information primarily compares the Company's pro
forma Statement of Financial Position before and after the completion of the Transaction.
The pro forma analysis has been prepared based on the assumption that the Transaction was completed
using the financial position and the value of the Transaction Objects as of 31 December 2025 (the
Valuation Date). The actual Transaction Value upon completion of the Transaction may differ as a result
of adjustments to the outstanding principal balance of the loan portfolio arising in the ordinary course of
business up to the completion date. Such differences do not affect the purpose of the pro forma analysis
or the conclusion of the fairness opinion, both of which are based on the Valuation Date.
A summary of the financial impact of the Transaction as reflected in the pro forma analysis is set out
below:
Total / Ratio Before the Transaction After the Transaction Indicative Impact
Total Assets IDR 527.793 trillion IDR 533.773 trillion Increase – due to the
recognition of the newly
acquired Loan Portfolio
Assets and related assets
Liquid Assets / Total 21.46% 20.00% Decrease – as a portion of
Assets liquid assets is utilized to
finance the Transaction
amounting to approximately
IDR 6.6 trillion
Total Loans / Third-Party 95.01% 98.11% Increase – remains within a
Funds (Deposits) reasonable range
Short Term Borrowings / 0.00% 16.58% Increase – due to the
Equity recognition of short-term
borrowings of approximately
IDR 6.0 trillion
Equity / Total Assets 6.86% 6.78% Marginal Decrease
Liabilities / Total Assets 93.14% 93.22% Marginal Increase
Debt-to-Equity Ratio 13.58x 13.75x Marginal increase
The pro forma analysis indicates that the Transaction is expected to increase the Company's total assets
through the recognition of the acquired loan portfolio assets. A portion of the Transaction funding
requirement is expected to be financed using the Company's internal funds, resulting in a lower proportion
of liquid assets to total assets, while the remaining funding is expected to be obtained through a short-
term wholesale funding facility amounting to IDR 6 trillion. Consequently, the Company's leverage ratios
are expected to increase marginally. Nevertheless, the Company's capital structure and liquidity position
are expected to remain at adequate levels following the completion of the Transaction. Accordingly, the
impact of the Transaction on the Company's capital position is considered to be manageable and is not
expected to give rise to any material risk to the Company's business continuity.
3) Analysis of Economic Benefits and Incremental Interest Income
An incremental and profitability analysis of the Transaction was conducted to assess the potential
economic benefits expected to be generated from the Transaction, as well as the potential incremental
interest income to be earned following the completion of the Transaction.
Page 35
Parameter Result
Market Value of the Transaction Subject Matter Rp13.816.459.165.389
Transaction Value Rp13.702.610.844.722
Economic Benefit / Discount Rp113.848.320.666
Discount to Market Value 0.82%
Premium over Carrying Value 0.86%
Potential Future Interest Income Rp 8 Trillion
The Transaction forms part of the Company's strategic initiative to strengthen its consumer lending
business, particularly the pension loan segment, which is characterized by relatively stable cash flows, an
identifiable borrower base, and a more structured repayment mechanism.
Based on the analysis of the economic and incremental benefits arising from the Transaction, the
Company is expected to realize an economic benefit of approximately IDR 113.8 billion, as well as the
potential to generate additional (incremental) gross contractual interest income estimated at
approximately IDR 8 trillion over the remaining tenor of the Loan Portfolio Assets .
G. Fairness Opinion Conclusion on the Transaction
Based on the results of the qualitative and quantitative analyses performed in respect of the Transaction,
including the industry and business prospects analysis, the analysis of the Transaction's benefits and risks,
the analysis of the Transaction Value, the analysis of the Company's historical and pro forma financial position,
the analysis of the expected economic benefits, and the overall fairness assessment of the Transaction, we
are of the opinion that the proposed acquisition by the Company of the pension loan portfolio, the pension
benefits of which are administered by TASPEN, together with the related assets owned by SMBCI, is
supported by adequate commercial and financial considerations and is expected to provide strategic and
financial benefits to the Company.
From a valuation perspective, the Transaction Value is lower than the Market Value of the Transaction Objects
as determined in the Independent Valuation Report. This indicates that the Company will obtain an economic
benefit in the form of a positive difference between the Market Value and the Transaction Value, thereby
providing a financial advantage to the Company and its shareholders.
From a financial perspective, the results of the pro forma analysis indicate that the Transaction is expected to
have a positive impact by increasing the Company's total assets and enhancing its future earnings potential.
From a strategic perspective, the Transaction will strengthen the Company's position in the pension loan
segment, which is characterized by a relatively low risk profile, stable cash flows, and a structured repayment
mechanism, while also providing opportunities to increase interest income and develop long-term business
relationships with its pensioner customer base.
Having considered the results of all the analyses described above, together with the assumptions and limiting
conditions underlying this Fairness Opinion, we are of the opinion that the acquisition by the Company of the
pension loan portfolio, the pension benefits of which are administered by TASPEN, together with the related
assets owned by SMBCI, is fair and financially beneficial from a financial point of view.
Page 36
EXPLANATION OF, CONSIDERATIONS FOR, AND RATIONALE OF THE TRANSACTION, AS WELL AS
ITS IMPACT ON THE COMPANY’S FINANCIAL CONDITION
A. RATIONALE FOR AND CONSIDERATIONS UNDERLYING THE MATWRIAL TRANSACTION
The Company is undertaking the Transaction as part of its long-term business growth strategy. The
Company is currently focused on expanding its business and diversifying its lending portfolio beyond
housing loans, which have traditionally been its core business. Through the Transaction, the Company is
expected to further strengthen its corporate profile as a growing financial institution, positioning itself not
only as a specialist housing lender but also as a bank with a broader and more diversified lending portfolio.
B. IMPACT OF THE TRANSACTION ON THE COMPANY’S FINANCIAL CONDITION
As a result of the Transaction, by the end of December 2026 the Company is projected to record higher
profitability, with the Non-Performing Loan (NPL) ratio decreasing by 0.11%, yield increasing by 0.10%, Net
Interest Margin (NIM) increasing by 0.10%, Return on Assets (ROA) increasing by 0.14%, and Return on
Equity (ROE) increasing by 1.80%, while maintaining the Loan-to-Deposit Ratio (LDR) at 95.68% and the
Liquidity Coverage Ratio (LCR) at 116.01%.
STATEMENT OF THE BOARD OF DIRECTORS AND THE BOARD OF COMMISSIONERS
The Board of Directors and the Board of Commissioners of the Company, individually and jointly, hereby declare
that:
1) the Transaction does not constitute an Affiliated Transaction and does not involve any Conflict of Interest as
contemplated under POJK No. 42/POJK.04/2020; and
2) all material information and facts relating to the Transaction have been fully disclosed, and such information
and facts are not misleading.
Jakarta, July 01st, 2026
PT Bank Tabungan Negara (Persero) Tbk
Board of Directors
Names mentioned 69 people and organisations named in the text · linked when the evidence is strong
unresolved
org
KJPP Ihot Dollar
p.2 ×17
unresolved
org
KJPP ID
p.2 ×15
unresolved
org
Purwanto Susanti
p.3 ×3
unresolved
org
Pengaturan Badan Usaha Milik Negara
p.5 ×2
unresolved
person
Dr. Ide Anak Agung Gde Agung
p.5 ×2
unresolved
org
Sumitomo Mitsui Banking Corporation Tbk
p.6 ×4
unresolved
org
Kantor Jasa Penilai Publik Ihot Dollar
p.6 ×2
unresolved
org
Menteri Keuangan
p.6 ×2
unresolved
org
Milik Negara
p.7 ×4
unresolved
org
Dana Pensiun ASABRI
p.7 ×3
unresolved
org
Bank Mandiri Taspen
p.8 ×2
unresolved
org
Hamzah & Partners
p.10
unresolved
org
Siddharta Widjaja & Rekan
p.10 ×2
unresolved
org
Siddharta Widjaja
p.10 ×2
unresolved
org
Bank SMBCI Indonesia Tbk
p.11 ×2
unresolved
org
Menteri Hukum dan Hak Asasi Manusia Republik Indonesia
p.13 ×2
unresolved
org
PT Dana Tabungan
p.14 ×2
unresolved
org
Bank Spesialis Kredit Perumahan. B.
p.17
unresolved
org
FINANCIAL SERVICES AUTHORITY
p.19 ×4
unresolved
org
Indonesia Stock Exchange
p.20
unresolved
org
Minister of Finance
p.24 ×2
unresolved
person
H. Valuation Conclusion Based
p.27
unresolved
org
Assegaf Hamzah & Partners
p.28
unresolved
org
Minister of Finance Decree
p.29
unresolved
org
Minister of Law and Human Rights
p.31 ×2
Extraction attempts how the parser did, and what it refused
Nothing structured was extracted from this document — the attempts below say why.
Rule parser
Needs review
confidence 0.364
2158 ms
12 Sep 2026 21:55
Raw output
{'appraiser_exempt': None,
'appraiser_name': '',
'assets': [{'area_sqm': None,
'category': 'SHARES',
'description': 'yang akan diakuisisi oleh Perseroan dari'}],
'currency': None,
'fact_type': '',
'issuer_name': '',
'kind': 'CONFLICT',
'kjpp_name': '',
'letter_number': '',
'object_text': 'yang akan diakuisisi oleh Perseroan dari',
'object_truncated': False,
'parties': [],
'pct_of_equity': None,
'reference_period': '',
'requires_rups': None,
'rups_date': None,
'ticker': '',
'transaction_date': None,
'valuation_date': None,
'value': '17'}