Sumitomo Mitsui Considering Buying TPG’s $1.7 Bln Stake in Bank Tabungan Pensiunan -Wires | Company data
March 13 (The Insider Stories) — Japanese bank holding company Sumitomo Mitsui Financial Group is considering acquiring TPG Capital’s $1.7 billion stake in Indonesia’s PT Bank Tabungan Pensiunan Nasional, wire services reported.
Bloomberg News quoted sources familiar with the deal as saying SMFG isn’t currently in formal negotiations with the U.S.-based private equity firm for the stake.
Several other financial companies including Japan’s Mitsubishi UFJ Financial Group have also expressed interest in buying TPG’s stake in BTPN.
Japanese financial companies are gearing up to expand their business in emerging markets in a bid to lessen their dependency on a saturated domestic market.
TPG owns approximately 58% of BTPN, which has an estimated market value of nearly $2.9 billion, according to data gathered by Bloomberg.
Managing over 1,000 offices and a workforce of 19,000 employees, BTPN’s netprofit increased 41% to IDR1.98 trillion ($206 million) last year, while its earnings have risen fivefold since 2008.
Established in 1992, TPG manages 17 offices in 10 countries across the globe and has $54.5 billion of capital under management.
