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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. 

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