SINGAPORE/HONG KONG: Southeast Asia's second and fifth-largest banks Oversea-Chinese Banking Corp (OCBC) and CIMB are vying for a controlling stake in Bank Pan Indonesia (Panin Bank), three people with knowledge of the matter said.
Singapore-based OCBC and Malaysia's CIMB have submitted non-binding offers for the stake offered by Australian lender ANZ and Indonesia's Gunawan family, which founded Jakarta-listed Panin Bank in 1971, two of the people said.
Non-binding bids for the stake are due this month, the sources said on condition of anonymity as the deal talks were confidential.
Southeast Asia's fourth-largest bank Malayan Banking Bhd (Maybank) is working with an adviser on a potential bid, said the third source and a fourth person with direct knowledge of the matter.
Other interested buyers include Japanese lenders Mitsubishi UFJ Financial Group and Sumitomo Mitsui Banking Corp, said the third source.
Panin Bank did not respond to requests for comment, while OCBC, CIMB, the two Japanese banks and Maybank declined to comment.
ANZ owns a 39.22 per cent stake in the bank, while the Gunawan family holds a 46.52 per cent stake, according to LSEG data. Reuters first reported their plans to sell a controlling stake in October.
Their combined stakes are worth about US$2.4 billion based on Monday's closing price of 1,900 rupiah per share, LSEG data showed.
Shares of Panin Bank have climbed 58.3 per cent year-to-date, giving it a total market value of US$2.84 billion, LSEG data showed.