BTPN seeks IFC loan

Bank Tabungan Pensiunan Nasional (BTPN) has applied for US$70 million loan from International Finance Corporation (IFC), investment arm of World Bank, to finance the expansion of micro-banking business and strengthen its funding base. 

According to the project summary provided by IFC, the proposed project will likely consist of IFC loan financings in USD or IDR to Bank BTPN, with the stipulation that BTPN does not take any foreign exchange risk.

BTPN is headquartered in Bandung, West Java, Indonesia and has over 500 outlets located throughout Indonesia. Over 400 outlets are dedicated to the pension business and over 100 are dedicated to the micro banking business. BTPN plans to open more micro banking branches throughout Indonesia in 2009.

Project sponsors are: 

TPG Nusantara: TPG Nusantara is a consortium comprised of Texas Pacific Group (“TPG”), Northstar Pacific (“Northstar”), The Government of Singapore Investment Company (“GIC”) and Noonday Asset Management (“Noonday”). The consortium owns 71.61% of bank Bank BTPN.

TPG: TPG is a leading global private investment firm with over $50 billion of capital under its management. 

Northstar: Northstar, the local affiliate of TPG, was founded in 2003 by Patrick Walujo and Glenn Sugito as a Jakarta-based merchant bank engaged in principal investment as well as corporate finance advisory.

GIC: In addition to ownership of BTPN through the TPG Nusantara consortium, GIC directly owns an additional 5% of BTPN. GIC is a global investment management company established in 1981 to manage Singapore's foreign reserves. With a network of eight offices in key financial capitals around the world and above US$100 billion under its management, GIC invests internationally in equities, fixed income, foreign exchange, commodities, money markets, alternative investments, real estate and private equity.

Noonday Asset Management: Noonday manages discretionary capital for institutional investors and high net worth individuals through its relationship with Farallon Capital Management. 

All remaining shares are publicly owned.

READ MORE!!!