The bank had reportedly started discussion on the sale of its unit in the Indonesian bank with Japan’s Mizuho Financial Group in 2013. However, the negotiations could not reach a conclusion as the Gunawan family that controls the Jakarta-based bank resisted Mizuho’s demand for a board seat, reported Bloomberg.
The Gunawan family owns a 46.5% stake in Bank Pan Indonesia.
ANZ has hired Goldman Sachs for the proposed divestment. The bidding process is expected to attract offers from China, Taiwan and Japan, as told to Reuters by sources.
One of the sources was quoted as saying: "They are putting out an Information Memorandum (IM) next week to kick-start the process. I think they will keep it fairly tight and target mostly Asia-based bankers."
Banks in Australia have been introducing measures to raise capital and sell assets following an order from a domestic regulator that has instructed them to set aside more reserves against their oversized mortgage books.
While ANZ did not respond to requests for comments from Reuters, Goldman Sachs and Panin also did not comment.
Image: The bidding process by ANZ is expected to attract bids from China, Taiwan and Japan. Photo: courtesy of Australia and New Zealand Banking Group Limited.
