Sumitomo Mitsui Financial Group (SMFG) is believed to be nearing a deal for the business which could see the private equity pair reap more than seven times their original $200m investment according to the FT.
It cited sources familiar with the matter who said the deal could be agreed this week.
Previous reports named Japanese banking majors Mitsubishi UFJ Financial Group, Mizuho and SMFG as potential suitors for the business along with a Taiwanese bank and a group of other banks in Southeast Asia.
The FT had said that although several Chinese banks have expressed interest in BTPN they were unlikely to pay the expected asking price of five times its book value.
TPG is currently believed to be targeting $4bn for its latest Asia fundraise.
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