Global private investment firm TPG and Indonesia-focused private equity firm Northstar Pacific Partners have sold a 24.26 percent stake in Indonesian Bank Tabungan Pensiunan Nasional (BTPN) to Japanese Sumitomo Mitsui Banking Corporation. The two firms sold a total of 1.41 billion shares at IDR6,500 per share for a total transaction value over IDR9 trillion (approximately US$939 million). TPG and Northstar are reportedly seeking to sell an additional 15.74 percent stake to Sumitomo, which would raise the total value of the sale to around US$1.52 billion for a 40 percent stake, the maximum holding allowed under Indonesian banking regulations. The second sale is subject to approval by Indonesian regulatory authorities.