TPG appoints head of Indonesia

TPG has hired Southeast Asia banking vet Jerry Ng to lead its Indonesia business, as the firm looks to strengthen its position in that country’s financial services sector.

TPG has hired Jerry Ng as head of its Indonesia operations, a newly created role, as well as special advisor for Southeast Asia. Ng will be based in Singapore, and will focus on sourcing and managing investments in the financial services sector.

Jerry Ng

Ng comes to TPG from PT Bank Danamon Indonesia, where he was deputy president director. Ng previously worked at PT Bank Central Asia, Citibank, and the financial services division of Astra International, and also served as deputy chairman of the Indonesian Banking Restructuring Agency.

TPG has long shown interest in Indonesia. The firm tried to buy Bank Central Asia, Indonesia’s largest private bank, in 2002, but was beaten by US hedge fund Farallon Capital. Last year TPG also mulled the possibility of buying into Indonesian airline Garuda, but decided against the idea when the government made it clear it would not give up majority control of the airline in any deal. This June TPG bought a 72 percent stake in Bank Tabungan Pensiunan Nasional for $200 million (€141 million).

But few other major Western private equtiy firms have shown interest in the country of late. Though Indonesia is Southeast Asia’s largest economy, investment in the country is viewed as being hampered by political instability and a complex and burdensome array of restrictions on foreign ownership of assets.