Panin Bank draws Southeast Asia's top lenders in stake sale amid regional growth push

Panin Bank, formally known as Bank Pan Indonesia, is at the center of intense interest from leading Southeast Asian financial institutions, as Singapore's Oversea-Chinese Banking Corp (OCBC) and Malaysia's CIMB vie for a controlling stake in the bank. ANZ holds a 39.22% share and the Gunawan family owns 46.52%, together valued at approximately $2.4 billion based on current market pricing. The drive to acquire Panin Bank, listed in Jakarta since 1982 and crucially founded by Indonesian entrepreneur Mu'min Ali Gunawan in 1971, underscores the alluring vista of banking in Indonesia's fast-expanding economy. As ANZ seeks to reduce its Asian footprint under outgoing CEO Shayne Elliott, other notable banks, including Japan's Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corp, and Malaysia's Maybank, are also reportedly maneuvering for potential acquisition bids. This intensified interest reflects a strategic endeavor to capitalize on Indonesia's diverse banking portfolio, touching on consumer finance and private wealth, and increasing regional influence within Southeast Asia's largest market. Despite a recent dip in net profit and valuation challenges that have historically stymied ANZ's exit ambitions, Panin Bank's shares have embarked on a robust upward trajectory, elevating its market worth to $2.84 billion. LSEG data reveals a trading price-to-book ratio mirroring peers such as Bank CIMB Niaga and Bank Permata but notably surpassing Bank OCBC NISP and Bank Maybank Indonesia's metrics. As the non-binding bids deadline looms, the deal is enveloped in confidentiality, with all parties opting for discretion at this critical juncture.