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