PG Capital, a Texas-California based private equity shop’s joint ownership, with San Diego-based Northstar Pacific Partners, of PT Bank Tabungun Pensiunan Nasional Tbk (BTPN) in Indonesia has bought the American investors into the Islamic finance arena. BTPN is now looking to grow then spin-off its Shari’ah banking unit through acquisition. Indonesian newspaper Bisnis Indonesia has reported that one acquisition target for BTPN is microfinance bank, Sahabat Purba Danarta, currently owned by manufacturing conglomerate Tri-Putra Group. (source)
