(14 January 2009 – Indonesia) ANZ has pumped another A$166 million into its Asian expansion strategy, with an increased investment in Indonesia’s PT Panin Bank.ANZ raised its stake in PT Panin Bank by another 8.4 percent, to 38.3 percent of the Indonesian bank.
For the added 8.4 percent stake, ANZ paid $US114 million ($A166 million) via shares that were acquired off market from institutional investors.
The purchase was made at a 45 percent premium to the average price ANZ paid for its existing 29.9 percent stake.
ANZ chief executive officer Asia Pacific, Alex Thursby, said the increase in ANZ’s shareholding reflected ANZ’s commitment to the partnership with Panin and to growth in Indonesia.
Indonesia is a key market in ANZ’s growth strategy in Asia and Panin is one of ANZ’s longest standing and largest strategic partnerships in the region, Thursby said.
ANZ has been a shareholder in PT Panin Bank, the seventh biggest bank in Indonesia, since 1999.
The Indonesian bank has more than $8 billion in assets and 400,000 customers through a network of 364 branches.
ANZ also has an 85 percent shareholding in PT ANZ Panin Bank, a joint venture with Panin targeted at affluent customers, which operates five branches in Indonesia.