Sumitomo Mitsui nears deal to buy Bank BTPN stake, FT reports

Sumitomo Mitsui Financial is nearing a deal to buy a large part of a controlling stake in Bank BTPN that is currently held by TPG and Northstar Pacific Partners, the Financial Times reports. Sources say a deal could come this week, and would see the buyout groups make over seven times their original investment of $200M.

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