INDONESIA - BANKING - TPG/NORTHSTAR Indonesia JV branches out

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)

INDONESIA - BANKING - Bank Pensiunan to acquire Bank Sahabat; central bank says

JAKARTA: PT Bank Tabungan Pensiunan Nasional Tbk, a joint venture bank controlled by Northstar Pacific and Texas Pacific Group, is reportedly to acquire PT Bank Sahabat Purba Danarta to run sharia lending business.

“Bank Tabungan plans to acquire a Central Java-based bank in 2012. Subsequent to this acquisition, the bank will be converted into sharia bank and its existing sharia unit will be merged into it,” said Mulya Siregar, Bank Indonesia Sharia Banking Director today. (source)

INDONESIA - BANKING - BTPN Reportedly to Acquire Bank Sahabat Purba

Theindonesiatoday.com - PT Bank Tabungan Pensiunan Nasional (BTPN), controlled by TPG Capital and Northstar Pacific, is reportedly to acquire PT Bank Sahabat Purba Danarta to convert into syariah bank, Bisnis.com reported.

"In 2012, BTPN has a plan to acquire a bank operated in Central Java. After the acquisition, the bank to be acquired will be converted into syariah bank," said Mulya Siregar, director of syariah bank at Bank Indonesia (BI).  (source)