ANZ Bank Weighs Reviving Indonesia's Panin Bank Stake Sale [Business News Network (BNN) (Canada)]
Mizuho Financial Group, Inc. Sponosred ADR (Japan) (MFG)
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Source: Business News Network
ANZ has started preliminary talks with interested parties including other banks and tycoons in Indonesia, said the people, who asked not to be identified as the process is private. Shares of Panin Bank have more than doubled so far this year, giving the lender a valuation of about $2.6 billion. ANZ's 38.8% stake in the Indonesian bank is worth about $1 billion based on Tuesday's closing price. A revival of the sale would mark at least the third attempt in the past decade by the Melbourne-based bank to unload its stake in Panin Bank. It was in talks to sell that stake to Mizuho Financial Group Inc. in 2013 when new regulations made it more expensive to hold minority overseas investments, Bloomberg News reported at that time. ANZ hired Morgan Stanley to help find a buyer in 2018, people familiar with the matter have said. Considerations are still at an early stage and there is no guarantee ANZ will proceed with the stake sale, the people said. A representative for ANZ declined to
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