Majority investor pulls pin on sale
(15 June 2010 – Asia) Despite receiving several offers, the majority shareholder of Indonesia’s Bank Panin has announced his stake is not for sale, as ANZ was gearing up for another possible takeover.
ANZ has been forced to shelve its plans to acquire Mukmin Ali Gunawan’s stake in the Indonesian bank valued at A$1.4 billion, making adding to ANZ’s current 38.8 percent holding in Bank Panin not possible in the short-term.
The Australian bank will be housing its recent additions through its recently completed purchase of the Royal Bank of Scotland’s assets purchase in Indonesia.
A source at the Panin group told Dow Jones Newswire that Mr Gunawan has a strong commitment to develop the bank and isn't in a dire need to get cash.
An ANZ spokesman said the bank would keep its stake in Panin and wanted to expand the current joint venture between the two institutions.
ANZ’s 39 percent stake is a strategic investment, which is an important part of the super regional strategy and the bank is committed to working with other shareholders to grow and develop the bank over the long term, a spokesman for ANZ told The Australian newspaper.
Panin is the seventh-largest lender in Indonesia and has 364 branches across the nation. The Gunawan family holds 46 percent of the bank and the stake is eventually expected to be sold, but not in the short term.
The Australian bank will be housing its recent additions through its recently completed purchase of the Royal Bank of Scotland’s assets purchase in Indonesia.
A source at the Panin group told Dow Jones Newswire that Mr Gunawan has a strong commitment to develop the bank and isn't in a dire need to get cash.
An ANZ spokesman said the bank would keep its stake in Panin and wanted to expand the current joint venture between the two institutions.
ANZ’s 39 percent stake is a strategic investment, which is an important part of the super regional strategy and the bank is committed to working with other shareholders to grow and develop the bank over the long term, a spokesman for ANZ told The Australian newspaper.
Panin is the seventh-largest lender in Indonesia and has 364 branches across the nation. The Gunawan family holds 46 percent of the bank and the stake is eventually expected to be sold, but not in the short term.
Subscribe