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Sumitomo Mitsui Financial willing to own majority stake in Indonesian bank

Japan's Sumitomo Mitsui Financial Group Inc. is ready to increase its stake in PT Bank Tabungan Pensiunan Nasional Tbk to a majority as it looks to grow its business outside its home market, Reuters reported Dec. 25, citing CEO Takeshi Kunibe.

The Japanese bank owns a 40% stake in Bank Tabungan. Kunibe said Sumitomo Mitsui Financial is willing to raise its stake in Bank Tabungan to a majority if Indonesian regulators allow it to do so. He declined to specify if the bank is already in talks with regulators.

Indonesia currently allows foreign investors to hold up to a 40% stake in local banks. However, authorities could grant approvals on a case-by-case basis.

Amid low rates in Japan and strict capital rules globally, Sumitomo Mitsui Financial is on the lookout for opportunities to buy commercial banks in Asia, Kunibe said. For now, the bank is focused on growing its business in Indonesia and Vietnam, he added.