Reuters: Regulatory News: SMFG agrees to buy up to 40 pct stake in TPG's Indonesian bank BTPN

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SMFG agrees to buy up to 40 pct stake in TPG's Indonesian bank BTPN May 8th 2013, 10:05 TOKYO | Wed May 8, 2013 6:05am EDT TOKYO May 8 (Reuters) - Sumitomo Mitsui Banking Corp (SMBC) said it has agreed to buy an up to 40 percent stake in BTPN , an Indonesian lender backed by TPG Capital, giving the Japanese bank a foothold in the fast-growing Southeast Asian economy. SMBC will initially acquire a 24.26 percent stake at 6,500 rupiah per share - a 14 percent premium to BTPN's last traded price. The Japanese bank will pay 9.12 trillion rupiah ($936.87 million) for the first tranche, according to Reuters calculations. SMBC will raise its stake in the Indonesian lender to 40 percent, pending regulatory approval, the Japanese bank said in a statement on Wednesday. SMBC, a unit of Japan's third-largest lender by assets Sumitomo Mitsui Financial Group Inc, is capping its stake at 40 percent. This allows it to abide by Indonesia's new foreign ownership limits for banks. 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.

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