JAKARTA -- Indonesian lender Bank Tabungan Pensiunan Nasional said on Monday it had received a proposal from Sumitomo Mitsui Banking Corp., its biggest shareholder, to merge with SMBC's local unit, highlighting Japanese lenders' interest in the largest economy in Southeast Asia.
The announcement sent BTPN stock surging 25% to close at 3,260 rupiah on Monday, its highest level since August 2015. Its market capitalization expanded to 15.24 trillion rupiah ($1.14 billion) after the stock price jump.
