Japan’s SMBC in talks with TPG to buy Indonesia bank stake – report
Sumitomo Mitsui Banking Corp (SMBC) is said to be in advanced talks to buy 40% of TPG Capital's stake in Indonesia’s Bank Tabungan Pensiunan Nasional (BTPN). The sale would enable the private equity firm to comply with the 40% cap on foreign ownership of domestic banks, which was introduced last year.
TPG and Northstar Pacific Partners, an Indonesian GP with strong ties to its US counterpart, jointly acquired a majority stake in the bank for $200 million in 2008. BTPN's market value has since grown...
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