SEA, Japanese banks vie for Panin Bank’s state: report

OCBC and CIMB are interested, whilst Maybank is exploring a potential bid, according to sources.

Bank Pan Indonesia (Panin Bank) stake sale is drawing in the largest banks in Southeast Asia (SEA) and Japan.

Singapore’s OCBC and Malaysia’s CIMB, SEA’s second and fifth largest banks, are now vying for a controlling stake in Panin Bank, reports Reuters, citing three people with knowledge on the matter.

SEA’s fourth largest bank and Malaysia’s largest lender, Malayan Banking Berhad (Maybank), is also working with an adviser on a potential bid, a third and fourth source reportedly said.

Japan's Mitsubishi UFJ Group and Sumitomo Mitsui Banking Corp are also interested, the third source said.

Australian lender ANZ and Indonesia’s Gunawan family, which founded Panin Bank in 1971, are offering their stakes in the bank.

ANZ owns a 39.22% stake in the bank, whilst the Gunawan family holds 46.52%, according to LSEG data. Their combined controlling stake is worth about $2.4b based on Monday's closing price of 1,900 rupiah ($0.1197) per share.

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