Japan’s Indonesian ambitions
Sumitomo Mitsui Banking Corp. (SMBC) is paying a princely sum for a slice of Indonesia's financial services sector. The price-to-book (P/B) valuation of the $1.56 billion it has agreed to pay for a 40% stake in Bank Tabungan Pensiunan Nasional (BTPN) - pending regulatory approval - has been put at 4.5x. This makes it one of the most expensive bank deals ever seen in Asia.
It should come as no surprise that large cap deals in Indonesia are coming in at stellar valuations. It has been the way for at least the last two years as foreign investors cottoned on to the latest growth...
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