ANZ to increase stake in Indonesia and Laos

Lender in discussions with PT Panin and ANZ Vientiane Commercial to obtain almost 100% ownership.

ANZ Banking Group will take its ownership stakes in Indonesian and Laos banking joint ventures to nearly 100 per cent, in an effort to simplify the shareholding structures of the businesses.

ANZ said it was in advanced discussions with PT Panin Bank to acquire another 14 per cent in the joint venture for US$44 million, that would give it a 99 per cent ownership.

Panin would retain a one per cent shareholding, ANZ said in a statement Thursday.

In Laos, ANZ agreed this week to acquire the remaining 10 per cent of ANZ Vientiane Commercial Bank Ltd (ANZV) that it did not already own from International Finance Corporation for US$2.5 million.

View the full story in Bernama.