Wednesday, 08 May 2013 17:05
Posted by Muhammad Iqbal
TOKYO: Sumitomo Mitsui Banking Corp (SMBC) said it agreed to acquire as much as 40 percent of Indonesian lender BTPN, giving the Japanese bank a foothold in the fast-growing Southeast Asian economy.SMBC's pursuit of Indonesia's seventh-biggest bank underscores a sustained push abroad by Japanese companies to beat sluggish growth in their home market.SMBC will first buy 24.26 percent of BTPN for 6,500 rupiah per share, a 14 percent premium to BTPN's last traded price - paying 9.12 trillion rupiah ($937 million) according to Reuters calculations.It is buying most of it from TPG Capital, which acquired 71.6 percent of Bank Tabungan Pensiunan Nasional Tbk PT (BTPN) in 2008.For TPG, the partial sale is another example of a profitable exit from a financial services related business in Asia. TPG and its Indonesian affiliate North Star paid about $195 million for the stake in 2008.SMBC will raise its stake in the Indonesian lender ...
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TOKYO: Sumitomo Mitsui Banking Corp (SMBC) said it agreed to acquire as much as 40 percent of Indonesian lender BTPN, giving the Japanese bank a foothold in the fast-growing Southeast Asian economy.SMBC's pursuit of Indonesia's seventh-biggest bank underscores a sustained push abroad by Japanese companies to beat sluggish growth in their home market.SMBC will first buy 24.26 percent of BTPN for 6,500 rupiah per share, a 14 percent premium to BTPN's last traded price - paying 9.12 trillion rupiah ($937 million) according to Reuters calculations.It is buying most of it from TPG Capital, which acquired 71.6 percent of Bank Tabungan Pensiunan Nasional Tbk PT (BTPN) in 2008.For TPG, the partial sale is another example of a profitable exit from a financial services related business in Asia. TPG and its Indonesian affiliate North Star paid about $195 million for the stake in 2008.SMBC will raise its stake in the Indonesian lender ...
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WARSAW: Poland cut interest rates by 25 basis points on Wednesday, after a steady flow of poor data forced it to drop its wait-and-see approach and take action to try to revive the spluttering economy.The central bank has now reduced its key interest rate by a total of 175 basis points since November, bringing it to a new all-time low of 3.0 percent.Fifteen of the 22 analysts surveyed by Reuters on April 29-30 expected the ...
LONDON: The Bank of England is expected this week to hold record-low interest rates and its quantitative easing cash stimulus, after encouraging British economic growth data and despite fresh moves elsewhere to loosen monetary policy, dealers said.The nine members of the British central bank's Monetary Policy Committee (MPC) -- which includes governor Mervyn King who steps down next month -- will cast their votes on Thursday at the conclusion of their regular two-day meeting in ...
FRANKFURT: Commerzbank, Germany's No.2 lender, will have to work hard to entice investors to its 2.5 billion euro ($3.3 billion) share call this month after painting a bleak outlook for the rest of this year.Chief Financial Officer Stephan Engels said 2013 would be a year of transition for the bank, which posted a net loss of 94 million euros in the first three months as it booked a 493 million euro restructuring charge linked to ...
LONDON: Asia-focused bank HSBC announced on Tuesday that net profits more than doubled to $6.35 billion (4.86 billion euros) in the first quarter.Earnings after taxation soared by 146 percent in the three months to the end of March, from $2.58 billion in the same part of 2012, the lender said in a results statement.Copyright AFP (Agence France-Presse), 2013 ...
PARIS: French bank Societe Generale reported on Tuesday a halving of first-quarter net profit to 364 million euros ($476 million) and announced a programme to save 900 million euros by 2015.The cost cuts are in addition to cuts of 550 million euros effected last year.The price of shares in the banking group rose by 4.0 percent in initial trading, with analysts welcoming the cost-cutting strategy.The bank did not provide information on the impact of these ...
FRANKFURT: Commerzbank, Germany's second biggest lender, slipped to a net loss in the first quarter as its efforts to cut thousands of jobs by 2016 weighed on earnings.The loss of 94 million euros ($123 million) was smaller than the 125 million euro average analyst estimate in a Reuters poll. Restructuring charges linked to the bank's plans to cut 4,000 to 6,000 jobs came to 493 million euros.Shares were indicated to open 1 percent lower."Although at ...
