Thursday, May 20, 2010

Bank Panin on sale

Indonesia's Mukmin Ali Gunawan family wants to sell its entire stake in PT Bank Pan Indonesia Tbk (Bank Panin). The family owns 46 percent of Bank Panin. Australia & New Zealand Banking Group Ltd to be a leading candidate to buy the stake, worth about $1.4 billion.
Bank Panin ensures to divest 14 percent shares at PT Bank ANZ Panin to Australia and New Zealand Banking Group Limited (ANZ).
The divestment plan still waits for the approval from Bank Indonesia and the Reserve Bank of Australia.
Based on ANZ official statement at the Australian stock exchange early April, the Australian finance institution here will increase the shares ownership at ANZ Panin Bank by acquiring 14 percent shares of Bank Panin.
In 1993, ANZ took over 85 percent shares from joint venture bank which was then called ANZ Panin Bank. Some 15 percent of the shares were owned by Bank Panin.
Would it be materialized, ANZ ownership of the mixed bank would increase from 85 percent into 99 percent. To finance the transaction ANZ has prepared some US$44 million budget.

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