Australia and New Zealand Banking Group (ANZ) and Indonesia's Gunawan family were exploring the sale of a controlling stake in PT Bank Pan Indonesia (Panin Bank), with several Southeast Asian and Japanese lenders assessing the asset, according to reports on 10 December 2024.
ANZ holds 39.22% of the Jakarta-listed lender and the Gunawan family, which founded Panin Bank in 1971, holds 46.52%. Reuters, citing three people familiar with the matter, reported that the combined stake was valued at about US$2.4 billion. The sale process followed reports in September 2024 that ANZ had revived plans to sell its holding, and a Reuters report in October that ANZ and the family were considering selling control of the bank.
REPORTED BIDDERS
Singapore's Oversea-Chinese Banking Corporation (OCBC) and Malaysia's CIMB had submitted non-binding offers, according to the Reuters report. Malaysia's Maybank was evaluating a potential bid with the help of an adviser, while Japan's Mitsubishi UFJ Financial Group (MUFG) and Sumitomo Mitsui Banking Corporation (SMBC) had also expressed interest. Singapore's DBS Group was separately reported by The Straits Times to be among the bidders for the Indonesian lender, alongside Japan's largest banks.
The Gunawan family was open to reducing its holding and relinquishing control, but was expected to retain some ownership even if a transaction were completed, according to the reports.
BACKGROUND
ANZ has explored selling its stake in Panin Bank on and off for more than a decade. Panin Bank, which is listed on the Indonesia Stock Exchange in Jakarta, has operations that span consumer finance and private wealth management in Indonesia.