Sumitomo pays $1.52b for Indonesia bank
Japanese bank Sumitomo Mitsui Financial Group Inc. said on May 8 it has reached an agreement to pay around $1.52 billion to acquire a 40 per cent stake in Indonesian bank PT Bank Tabungan Pensiunan Nasional, joining other Japanese banks in strengthening their presence in rapidly developing Southeast Asian markets.
The move comes at a time when Japanese financial firms are struggling to find growth at home due to the sluggish Japanese economy. Indonesia, on the other hand, is expected to grow by more than 6 per cent this year and its middle class is estimated to number around 130 million people, driving demand for banking services.
Sumitomo Mitsui, the third largest Japanese bank behind Mitsubishi UFJ Financial Group and Mizuho Financial Group, is buying the majority of the 40 per cent stake from US private-equity firm TPG Inc. and its Indonesian partner, Northstar Pacific Partners.
PT Bank Tabungan Pensiunan Nasional experienced explosive growth in previous years, deciding to focus on microfinance in the small- to medium-sized business lending market. Its branch network multiplied to close to 1,900
Japanese are currently investing heavily in the Southeast Asian market. Late in 2012, Mitsubishi UFJ Financial Group took a 20 per cent stake in Vietnam Joint Stock Commercial Bank for Industry & Trade, or VietinBank. In September 2012, Mizuho Financial Group bought a 15 per cent stake in Vietnam Bank for Foreign Trade.
[caption id="attachment_8889" align="alignleft" width="300"] PT Bank Tabungan Pensiunan Nasional is now 40 per cent Japanese-owned[/caption] Japanese bank Sumitomo Mitsui Financial Group Inc. said on May 8 it has reached an agreement to pay around $1.52 billion to acquire a 40 per cent stake in Indonesian bank PT Bank Tabungan Pensiunan Nasional, joining other Japanese banks in strengthening their presence in rapidly developing Southeast Asian markets. The move comes at a time when Japanese financial firms are struggling to find growth at home due to the sluggish Japanese economy. Indonesia, on the other hand, is expected to grow by more than...
Japanese bank Sumitomo Mitsui Financial Group Inc. said on May 8 it has reached an agreement to pay around $1.52 billion to acquire a 40 per cent stake in Indonesian bank PT Bank Tabungan Pensiunan Nasional, joining other Japanese banks in strengthening their presence in rapidly developing Southeast Asian markets.
The move comes at a time when Japanese financial firms are struggling to find growth at home due to the sluggish Japanese economy. Indonesia, on the other hand, is expected to grow by more than 6 per cent this year and its middle class is estimated to number around 130 million people, driving demand for banking services.
Sumitomo Mitsui, the third largest Japanese bank behind Mitsubishi UFJ Financial Group and Mizuho Financial Group, is buying the majority of the 40 per cent stake from US private-equity firm TPG Inc. and its Indonesian partner, Northstar Pacific Partners.
PT Bank Tabungan Pensiunan Nasional experienced explosive growth in previous years, deciding to focus on microfinance in the small- to medium-sized business lending market. Its branch network multiplied to close to 1,900
Japanese are currently investing heavily in the Southeast Asian market. Late in 2012, Mitsubishi UFJ Financial Group took a 20 per cent stake in Vietnam Joint Stock Commercial Bank for Industry & Trade, or VietinBank. In September 2012, Mizuho Financial Group bought a 15 per cent stake in Vietnam Bank for Foreign Trade.
