Oversea-Chinese Banking (SGX:O39) and CIMB (KLSE:CIMB) are competing for a controlling stake in Bank Pan Indonesia (IDX:PNBN), Reuters reported Tuesday, citing three people familiar with the development.
The lenders have submitted non-binding bids for the combined 85.74% stake, the report said.
Australian bank ANZ (ASX:ANZ) owns a 39.22% stake in Bank Pan Indonesia, while the founding Gunawan family holds a 46.52% ownership.
The stake is valued at around $2.4 billion based on the target's closing price on Moday, according to the report.
Other suitors include Maybank (KLSE:MAYBANK), Mitsubishi UFJ Financial Group (TYO:8306), and Sumitomo Mitsui Financial Group (TYO:8316), the news agency noted.
Panin Bank's shares have risen 58.3% this year, and its valuation aligns with regional peers. ANZ has been seeking to exit Panin Bank since 2013 to refocus on operations at home, the report said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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