Banking News

ANZ passes on Indonesian bank

ANZ passes on Indonesian bank

(Australia) - Australia's ANZ Banking Group says that while it is interested in expanding its businesses in Indonesia, it is unlikely to bid for a stake in PT Bank Danamon. The Indonesian Government owns 99 percent of Bank Danamon, and is embarking on an international roadshow to sell the majority of its stake, acquired in the financial crisis of 1998.

ANZ is one of 70 global banks to be approached by JP Morgan Chase, which is advising the Indonesian Government.

The Government, through the Indonesia Bank Reconstruction Agency (IBRA), hopes to sell 51 percent of Danamon to a strategic investor, and around 20 percent through a sharemarket float.

And ANZ spokesman said this week that the bank was "happy to be patient and bide our time" for the right opportunity in Indonesia.

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