TPG to sell $462 mln stake in Indonesia's Bank Tabungan to Summit Global

JAKARTA Wed Feb 18, 2015 5:16am EST

JAKARTA Feb 18 (Reuters) - Indonesia's PT Bank Tabungan Pensiunan Nasional Tbk said on Wednesday that a unit of private equity firm TPG Capital will sell a 17.5 percent stake in the lender to Summit Global Capital Management for 5.93 trillion rupiah ($461.8 million)

The transaction price is 5,800 rupiah per share, Bank Tabungan said in a stock exchange filing. Bank Tabungan shares last traded at 4,060 rupiah.

After the stake sale, TPG Nusantara will own 8.38 percent of Bank Tabungan and Summit Global will hold 20 percent, the Indonesian bank said.

Japan's Sumitomo Mitsui Financial Group Inc held 40.4 percent of Bank Tabungan as of September 2014, according to Thomson Reuters data.

($1 = 12,840.00 rupiah) (Reporting by Eveline Danubrata and Fransiska Nangoy; Editing by Kim Coghill)

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