ANZ said to revive talks to sell $924m Bank Panin stake

Australia & New Zealand Banking Group Ltd (ANZ) has begun fresh talks for selling its 39 per cent stake in PT Bank Pan Indonesia, after discussions on this divestment had made no progress for over a year, and Japan’s Mizuho Financial Group Inc, may be interested in the deal, news agency Bloomberg said in a report.

The report said that Mizuho Financial Group Inc had been in talks with ANZ earlier too to buy the latter’s stake in the Gunawan family-controlled Jakarta-based PT Bank Panin. The talks had reportedly failed as the Gunawan family had not been willing to offer Mizuho a seat on the bank’s board.

The Bloomberg report also pointed out that Bank Panin shares have risen 53 per cent in the past year, valuing ANZ’s holding at about $924 million, and added that the ‘Melbourne-based lender was seeking to sell the stake after Australian regulators introduced rules in 2013 requiring banks to subtract the entire value of overseas minority investments from their Tier 1 capital’.

According to ANZ’s annual report, the Bank owned about A$4.4 billion of stock in four Asian banks as of September-2014, and at that time, it had valued Bank Panin stake at A$795 million. 

The Bloomberg report also added that Fadjar Gunawan, president director of the Gunawan family’s PT Panin Dai-Ichi Life and son of patriarch Mu’min Gunawan, and Bank Panin Corporate Secretary Jasman Ginting didn’t answer calls to their mobile phones seeking comment.  China’s CCB abd South Korea’s Shinhan plan to acquire banks in Indonesia

Also read: China’s CCB abd South Korea’s Shinhan plan to acquire banks in Indonesia

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.

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.