ANZ hires Morgan Stanley
(8 June 2010 – Asia) Australia and New Zealand Banking Group have hired Morgan Stanley as their advisor on the possible purchase of a controlling stake in Indonesia’s PT Bank Panin worth A$1.3 billion.
According to sources with knowledge on the deal, ANZ hired Morgan Stanley to advise on the purchase of the Gunawan family’s 46 percent controlling share in PT Bank Panin.
ANZ currently holds a 38.5 percent share in the Indonesian bank.
The rumoured purchase falls in-line with ANZ’s aggressive tactics in the region, which will see the bank aim to capture a fifth of profits in the region by 2012.
ANZ declined to comment on the hire of Morgan Stanley as their advisor for the acquisition.
ANZ, which is in a healthy position to further penetrate this market with its A$5 billion in surplus capital, has openly identified Indonesia as a key market for its super regional strategy.
ANZ currently holds a 38.5 percent share in the Indonesian bank.
The rumoured purchase falls in-line with ANZ’s aggressive tactics in the region, which will see the bank aim to capture a fifth of profits in the region by 2012.
ANZ declined to comment on the hire of Morgan Stanley as their advisor for the acquisition.
ANZ, which is in a healthy position to further penetrate this market with its A$5 billion in surplus capital, has openly identified Indonesia as a key market for its super regional strategy.
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