JAKARTA, March 14 Bank Tabungan Pensiunan
Nasional (BTPN) shares surged as much as 9 percent on
Friday after Japan's Sumitomo Mitsui Financial Group
said it bought 919.3 million shares of the Indonesian lender.
Sumitomo paid 6,500 rupiah per share, a 44.8 percent premium
to its closing price on Thursday, BTPN said in a stock exchange
filing. Following the transaction, Sumitomo owns 2.3 trillion
shares in Indonesia's seventh-biggest lender by market value.
Last year, Sumitomo had agreed to buy up to 40 percent stake
of BTPN, which is backed by TPG Capital, giving the
Japanese bank a foothold in the fast-growing Southeast Asian
As of 0833 GMT, the lender's stock was up 5.6 percent. The
broader Jakarta Composite Index was up 2 percent, while
the blue-chip index was 2.8 percent higher.
(Reporting by Fathiyah Dahrul and Andjarsari Paramaditha;
Editing by Prateek Chatterjee)