JAKARTA – Several prominent Asian banks are reportedly submitting proposals to acquire PT Bank Pan Indonesia Tbk (PNIN), also known as Bank Panin.

The banks include DBS Group Holdings Ltd., Mitsubishi UFJ Financial Group Inc. (MUFG), and Sumitomo Mitsui Financial Group Inc. (SMFG). According to sources familiar with the matter, as quoted by Bloomberg on Tuesday (10/12), these banks have submitted their initial proposals separately.

No final decision has been made yet, as the proposals are still under consideration, according to the source.

Since the start of the year, Bank Panin's stock price has risen by 19.29% to IDR 1,175 per share as of yesterday's trading, bringing the company’s market capitalization to IDR 4.78 trillion.

It is also reported that ANZ Group Holdings Ltd. is considering selling its 38.8% stake in Bank Panin as part of its long-standing strategy to divest assets in Asia. Meanwhile, the Gunawan Family, which controls 46% of Bank Panin's shares, is reportedly open to selling its stake at the right price.

Earlier, in April 2023, both SMFG and MUFG expressed interest in acquiring Bank Panin, but did not proceed with the acquisition due to valuation concerns and the capital required for such a transaction.

When asked for confirmation, ANZ, DBS, MUFG, and SMFG declined to comment. Bank Panin's President Director also stated that he could not yet provide information regarding the potential acquisition. (KR/ZH)