Mizuho makes bid for Indonesia’s PaninBank

Will buy ANZ’s 39.2% stake in the Indonesian bank.

Mizuho Financial Group Inc has approached Australia and New Zealand Banking Group Ltd to buy ANZ's stake in PT Bank Pan Indonesia Tbk or PaninBank valued at some US$570 million.

Analysts said Mizuho approached ANZ last month. Discussions are at an early stage and it remains unclear if the talks will result in a transaction.

ANZ and Mizuho declined to comment on the proposed deal, however. PaninBank officials were also not immediately available for comment.

ANZ Chief Executive Mike Smith recently said he would be open to selling some Asian bank stakes because of new capital rules proposed by Australian regulators.

Moody's Investors Service said last month it does not expect ANZ to support PaninBank due to reduced chances of getting eventual control since ANZ's stake is already close to Indonesia's new banking ownership limits. Indonesia has a 40% cap on single ownership in its local banks.

A successful deal will help Mizuho catch up with top Japanese lender Mitsubishi UFJ Financial Group Inc and No. 3 Sumitomo Mitsui Financial Group Inc (SMFG).

Also Read

OCBC Ignite aims to double poly graduate intake

Singapore’s big banks aim for 96% emissions cut by 2050

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

What is Lorem Ipsum?

What is Lorem Ipsum? Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Evergreen Group obtains financing license to expand in Malaysia