TPG and Japan's SMBC Discussing US$1.3 Billion Stake Deal

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Sumitomo Mitsui Banking Corp of Japan is in further discussion for the acquisition of US$1.3 billion worth of shares in the Indonesian lender supported by TPG Capital, BTPN, Reuters wrote Monday.

People who are knowledgeable of the matter added that this deal will lift BTPN's share by nine percent. TPG Capital Management bought seventy one point six percent shares at the savings bank of Indonesian pensioners, Bank Tabungan Pensiunan Nasional Tbk PT in 2008. The deal was estimated to be in the amount of US$195 million. In 2010 though, the shares of the private equity firm went down to fifty eight point five percent following a rights offering.

At present, the division of Japan's third biggest lender through assets, Sumitomo Mitsui Financial Group Inc (SMBC) is still discussing to acquire forty percent of shares from TPG, which grants them to follow the new foreign ownership limits for banks in Indonesia, according to sources. The sources also added that top executives of TPG were in Tokyo last week for additional round of discussions. Plans of TPG on its residual share of eighteen point five percent were not immediately disclosed. According to reliable sources, there is a possibility that the buyout firm may sell the stakes in the open market.

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Japan, Deal

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