Cleary Gottlieb represented TPG in its acquisition of 71.61% of the outstanding shares of PT Bank Tabungan Pensiunan Nasional, a commercial bank in the Republic of Indonesia. In order to acquire control, TPG had to satisfy Bank of Indonesia’s “fit and proper” requirements, and the investment was made soon after the initial public offering of the bank’s shares, through which 28.39% of the shares held by an Indonesian government entity were sold to the public. The deal closed on March 14.
