TPG Sells a 17.5 Percent Stake in Bank Tabungan Pensiunan Nasional to Sumitomo (Asia)

Source: Sumitomo, Reuters | Author(s): Eveline Danubrata, Fransiska Nangoy

Global private investment firm TPG Capital has exited a 17.5 percent stake in Indonesia-based lender Bank Tabungan Pensiunan Nasional (BTPN) through a strategic sale to Japan-based conglomerate Sumitomo for IDR5.9 trillion (approximately US$457 million). Post-transaction, TPG will hold an 8.38 percent stake in BTPN, while Sumitomo will hold a 20 percent stake in the bank. TPG initially acquired a 71.6 percent stake in the company for around US$195 million in 2008.