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