{"id":656761,"date":"2013-05-08T08:23:10","date_gmt":"2013-05-08T12:23:10","guid":{"rendered":"http:\/\/www.pehub.com\/?p=200800"},"modified":"2013-05-08T08:23:10","modified_gmt":"2013-05-08T12:23:10","slug":"reuters-sumitomo-to-buy-up-to-40-of-btpn","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/656761","title":{"rendered":"Reuters \u2013 Sumitomo to Buy Up to 40% of BTPN"},"content":{"rendered":"

Sumitomo Mitsui Banking Corp. <\/strong>said it agreed to acquire as much as 40 percent of Indonesian lender BTPN<\/strong>, giving the Japanese bank a foothold in the fast-growing Southeast Asian economy, Reuters <\/em>reported. SMBC’s pursuit of Indonesia’s seventh-biggest bank underscores a sustained push abroad by Japanese companies to beat sluggish growth in their home market. SMBC will first buy 24.26 percent of BTPN for 6,500 rupiah per share, a 14 percent premium to BTPN’s last traded price – paying 9.12 trillion rupiah ($937 million) according to Reuters<\/em> calculations. It is buying most of it from TPG Capital, which acquired 71.6 percent of Bank Tabungan Pensiunan Nasional Tbk PT in 2008.<\/p>\n

(Reuters<\/em>) – Sumitomo Mitsui Banking Corp (SMBC) said it agreed to acquire as much as 40 percent of Indonesian lender BTPN, giving the Japanese bank a foothold in the fast-growing Southeast Asian economy.<\/p>\n

SMBC’s pursuit of Indonesia’s seventh-biggest bank underscores a sustained push abroad by Japanese companies to beat sluggish growth in their home market.<\/p>\n

SMBC will first buy 24.26 percent of BTPN for 6,500 rupiah per share, a 14 percent premium to BTPN’s last traded price – paying 9.12 trillion rupiah ($937 million) according to Reuters calculations.<\/p>\n

It is buying most of it from TPG Capital, which acquired 71.6 percent of Bank Tabungan Pensiunan Nasional Tbk PT (BTPN) in 2008.<\/p>\n

For TPG, the partial sale is another example of a profitable exit from a financial services related business in Asia. TPG and its Indonesian affiliate North Star paid about $195 million for the stake in 2008.<\/p>\n

SMBC will raise its stake in the Indonesian lender to 40 percent as long as it wins regulatory approval, the Japanese bank said in a statement on Wednesday.<\/p>\n

The purchase represents one of the most expensive bank deals in Asia, being struck at a price-to-book ratio of about 4.5, based on Reuters calculations.<\/p>\n

SMBC is a unit of Japan’s third-largest lender by assets, Sumitomo Mitsui Financial Group Inc (SMFG). It was unclear how TPG plans to exit the rest of its stake in BTPN.<\/p>\n

Established in 1958, BTPN operates as a commercial bank with a market value of $3.45 billion, and has more than 19,000 employees and over 10,000 branches.<\/p>\n

SMBC’s move was first reported by Reuters earlier this month.
\n(By Taiga Uranaka and Denny Thomas)<\/p>\n

The post Reuters \u2013 Sumitomo to Buy Up to 40% of BTPN<\/a> appeared first on peHUB<\/a>.<\/p>\n

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Sumitomo Mitsui Banking Corp. said it agreed to acquire as much as 40 percent of Indonesian lender BTPN, giving the Japanese bank a foothold in the fast-growing Southeast Asian economy, Reuters reported. SMBC’s pursuit of Indonesia’s seventh-biggest bank underscores a sustained push abroad by Japanese companies to beat sluggish growth in their home market. SMBC […]<\/p>\n","protected":false},"author":7428,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-656761","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/656761","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/7428"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=656761"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/656761\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=656761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=656761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=656761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}