TPG sells stake in Indonesia’s BTPN to Sumitomo for $462 mln–Reuters

(Reuters) – Private equity firm TPG Capital has sold a 17.5 percent stake in PT Bank Tabungan Pensiunan Nasional Tbk (BTPN) to an affiliate of Japan’s Sumitomo Corp for 5.93 trillion rupiah ($461.8 million).

TPG Nusantara sold 1.02 billion BTPN shares at 5,800 rupiah apiece, a 43 percent premium to the last traded price, to Summit Global Capital Management, BTPN said in a filing to the Indonesian stock exchange on Wednesday.

TPG still holds 8.38 percent, the Indonesian bank said. The private equity firm initially bought 71.6 percent of BTPN for around $195 million in 2008.
In a separate statement, Sumitomo Corp said it had bought the 17.5 percent stake in BTPN through an affiliate, raising its ownership in the Indonesian bank to 20 percent.

Sumitomo Corp said that Indonesia is one of the most important markets for the group. “As part of its long-term approach, Sumitomo Corporation is investing in Indonesia’s financial sector, particularly BTPN, which focuses on the mass market,” it said.

In 2013, Japan’s Sumitomo Mitsui Financial Group Inc agreed to buy 40 percent of BTPN for $1.5 billion.