ANZ frontrunner for PT Bank Panin
(24 May 2010 – Asia) Australia and New Zealand Banking Group is rumoured to be a major contender in the race to acquire Indonesia’s PT Bank Panin for A$1.4 billion, hopefully turning its current 39.5 percent share into a majority holding.
UBS has been retained to sell the Gunawan family’s 46 percent share of the bank.
ANZ, who is also currently looking at purchasing a major share of the Korean Exchange Bank, is well positioned to meet Mr Gunawan on price due to their more than A$4 billion tucked away in surplus capital.
A spokesman for ANZ said at the end of last week that it was inappropriate to comment on rumours concerning Panin Bank.
ANZ has a long-term strategic partnership with Panin involving its equity stake of almost 40 percent, the spokesperson said.
As outlined recently, the bank is investing in its ANZ-branded business in Indonesia, which gives us a platform for organic growth.
The spokesperson also highlighted the fact ANZ is due to complete the acquisition of the Royal Bank of Scotland businesses in Indonesia in June, adding that integrating them into the ANZ business was the bank’s main focus at present.
ANZ, who is also currently looking at purchasing a major share of the Korean Exchange Bank, is well positioned to meet Mr Gunawan on price due to their more than A$4 billion tucked away in surplus capital.
A spokesman for ANZ said at the end of last week that it was inappropriate to comment on rumours concerning Panin Bank.
ANZ has a long-term strategic partnership with Panin involving its equity stake of almost 40 percent, the spokesperson said.
As outlined recently, the bank is investing in its ANZ-branded business in Indonesia, which gives us a platform for organic growth.
The spokesperson also highlighted the fact ANZ is due to complete the acquisition of the Royal Bank of Scotland businesses in Indonesia in June, adding that integrating them into the ANZ business was the bank’s main focus at present.
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