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Sumitomo Mitsui Financial Group Inc's Sumitomo Mitsui Banking Corp To Buy Up To 40% Of Bank Tabungan Pensiunan Nasional Tbk PT-Reuters


Wednesday, 8 May 2013 07:30am EDT 

Reuters reported that Sumitomo Mitsui Banking Corp (SMBC) said it agreed to acquire as much as 40% of Indonesian lender Bank Tabungan Pensiunan Nasional Tbk PT (BTPN), giving the Japanese bank a foothold in the fast-growing Southeast Asian economy. SMBC will first buy 24.26% of BTPN for 6,500 rupiah per share, a 14% premium to BTPN's last traded price - paying IDR9.12 trillion ($937 million) according to Reuters calculations. It is buying most of it from TPG Capital, which acquired 71.6% of Bank Tabungan Pensiunan Nasional Tbk PT (BTPN) BTPN.JK in 2008. SMBC will raise its stake in the Indonesian lender to 40% as long as it wins regulatory approval, the Japanese bank said in a statement on Wednesday. SMBC is a unit of Sumitomo Mitsui Financial Group Inc (SMFG). It was unclear how TPG plans to exit the rest of its stake in BTPN. 

Latest Developments for Bank Tabungan Pensiunan Nasional Tbk PT

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