(28 October 2015 – Japan) Japanese based Mitsubishi UFJ Financial Group has is interested in acquiring ANZ’s 39 percent stake in PT Bank Pan Indonesia sources say.
The news places the bank in direct competition with its domestic rival, Mizuho Financial Group Inc. along with other bidders including Taiwan’s CTBC Financial and Fubon Financial were also invited to submit second-round offers for the stake
Bank Panin’s controlling Gunawan family’s reluctance to guarantee a board seat to the winning bidder has however hindered past negotiations, with Mizuho having been in talks since 2013.
The first round of offers value the Indonesian bank at less than two times its net assets, sources told Bloomberg, far lower than in comparable banking deals in Indonesia.
Following new regulations requiring Australian banks to subtract the value of overseas minority investments from Tier 1 capital, ANZ has sought to divest its holdings in Bank Panin.