ANZ Bank said to hire Morgan Stanley to sell stake in Indonesia’s PaninBank

Pedestrians walk past a woman as she looks at her iPhone in front of a sign announcing a new branch of the Australia and New Zealand Banking Group Ltd. Photo: Reuters

Australia & New Zealand Banking Group Ltd. recently hired Morgan Stanley to help sell its stake in Indonesian lender PT Bank Pan Indonesia, according to people with knowledge of the matter.

ANZ, which has long been seeking to offload its Bank Panin holding, plans to start gauging interest again from potential private equity and strategic buyers, the people said, asking not to be identified because the process is private. The 38.8 percent stake is valued at 8.6 trillion rupiah ($578 million), based on Wednesday’s closing price.

The Australian lender has made attempts to offload the stake at least since 2013, when new regulations made it more expensive to hold minority overseas investments. Bank Panin is controlled by Indonesia’s Gunawan family, whose reluctance to give a board seat to an incoming investor has stymied earlier negotiations with suitors, people familiar with the matter have said.

The holding had attracted interest from potential acquirers including Japan’s Mizuho Financial Group Inc. and Mitsubishi UFJ Financial Group Inc., people familiar said earlier.

A spokesman for Melbourne-based ANZ declined to comment, while a representative for Morgan Stanley didn’t immediately reply to emailed queries.

“This is ANZ’s business, so we haven’t received any information at all,” Bank Panin President Director Herwidayatmo, who like many Indonesians goes by only one name, said in a text message. “We have not received a request to do due diligence.”

The potential sale is part of ANZ’s strategy of selling-off non core operations as it becomes a simpler and more domestically-focused bank. It has already exited other overseas stakes, including its 20 percent holding in Shanghai Rural Commercial Bank Co.

Bloomberg

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.