ANZ to launch sale of $720 mil­lion stake in In­done­sian's Bank Panin

The Pak Banker - - BUSINESS -

Aus­tralia and New Zealand Bank­ing Group will launch the sale process next week for its 39 per­cent stake in Bank Pan In­done­sia Tbk (Panin), worth about $720 mil­lion, peo­ple fa­mil­iar with the mat­ter told media. ANZ has hired Gold­man Sachs for the sale, which is ex­pected to at­tract bid­ders from China, Tai­wan and Ja­pan, the peo­ple said.

"They are putting out an IM (in­for­ma­tion mem­o­ran­dum) next week to kick­start the process. I think they will keep it fairly tight and tar­get mostly Asia-based bankers," one of the sources said, re­fer­ring to the doc­u­ment in­vest­ment banks draft to mar­ket an as­set to prospec­tive buy­ers. ANZ did not re­spond to re­quests for com­ment by media. Gold­man Sachs and Panin de­clined to com­ment. Aus­tralian banks are scram­bling to raise cap­i­tal and sell as­sets af­ter a domes- tic reg­u­la­tor or­dered them to set aside more re­serves against their over­sized mort­gage books.

ANZ this month un­veiled a A$3 bil­lion ($2.2 bil­lion) share of­fer and is selling its ve­hi­cle and equip­ment fi­nance unit Esanda.

Ear­lier talks be­tween ANZ and Ja­pan's Mizuho Fi­nan­cial Group Inc (8411.T) over the Panin stake stalled, partly be­cause Mizuho's re­quest for Panin board seats was op­posed by the Gu­nawan fam­ily, which con­trols 46.5 per­cent of the In­done­sian len­der, sources have said.

The Min­is­ter ac­knowl­edged the achieve­ments of the Pri­va­ti­za­tion Di­vi­sion and em­pha­sized that in all mat­ters of di­vest­ment, the prin­ci­ple of com­plete trans­parency and ac­count­abil­ity must be up­held. He also di­rected Sec­re­tary Pri­va­ti­za­tion Di­vi­sion to share with him re­ports about per­for­mance of the Di­vi­sion on reg­u­lar ba­sis. Se­nior of­fi­cials of the Min­istry of Fi­nance and Pri­va­ti­za­tion Di­vi­sion at­tended

the meet­ing.

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