Sources familiar with the deal were quoted by Bloomberg as saying that SMFG was currently not into a formal deal with the US-based private investment firm TPG Capital over the potential stake.
Many other financial companies including Japan’s Mitsubishi UFJ Financial Group have also expressed interest for the aforesaid deal.
TPG manages approximately 58% stake in BTPN and its market value is estimated at nearly $2.9bn, according to data gathered by Bloomberg.
Managing over 1,000 offices and a workforce of 19,000 employees, BTPN profit increased 41% to 1.98 trillion rupiah last year, while it earnings rose five times since 2008.
Japanese financial starts up are gearing to expand their business in emerging markets, in a bid to lessen their dependency on saturating domestic market.
Established in 1992, TPG manages 17 offices in 10 countries across the globe and has $54.5bn of capital under management.
