Several major financial institutions in Southeast Asia are eyeing a controlling stake in Pan Indonesian Bank (Panin Bank).
OCBC and CIMB He has already submitted a non-binding offer and has emerged as a leading candidate.
Malaysian maybank is also reportedly in the planning stages and is currently working with advisors to assess potential bids.
In addition, two prominent Japanese banks, Mitsubishi UFJ Financial Group and Sumitomo Mitsui Banking Corporation, have also expressed interest in the stock.
Currently, management rights are held by Australia’s ANZ and the Indonesian founder Gunawan family.
Reuters According to a report, the total holdings are valued at approximately US$2.4 billion.
Indonesia’s strong economic growth and Panin Bank’s diversified portfolio, including consumer lending and private wealth management, are driving significant interest in this acquisition.
Panin Bank’s pursuit of control drove its share price higher, increasing its market value to US$2.84 billion.
ANZ, which has been seeking a share sale since 2013, declined to comment.
The Gunawan family, which founded Panin Bank in 1971, is expected to retain some ownership even if the deal goes through.
Panin Bank’s 2023 annual report revealed a decrease in net profit due to a decrease in net interest income.
Featured image credit: Edited from freepic
