Japanese finance company J Trust Co Ltd offered to buy Indonesia's PT Bank Mutiara Tbk for 4.5 trillion rupiah ($376.25 million), a senior Indonesian official said on Monday.

J Trust's offer is around three times Bank Mutiara's book value, Harry Azhar Azis, deputy chairman of Indonesia's parliamentary commission overseeing banking and finance, told Reuters by telephone.

Bank Mutiara, previously known as Bank Century, was bailed out by the Indonesian government during the global financial crisis in 2008 and has been run by the Indonesian Deposit Insurance Corporation, or Lembaga Penjamin Simpanan (LPS).

J Trust said last week it was selected by LPS as the successful bidder for Bank Mutiara, but did not disclose its offer price.