Indonesia’s Panin Bank Sale Has Stalled on Valuation, Sources Say
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Loading... - Asuka Chiba
- 26 Apr 2023
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A sale of PT Bank Pan Indonesia by its majority shareholders has stalled as bidders were concerned over valuations and the substantial capital needs for a transaction, according to people familiar with the matter.
Prospective suitors had been in discussions for a controlling stake in the Jakarta-based lender known as Panin Bank but the deal talks have hit a snag recently, the people said, asking not to be identified as the information is private. The parties haven’t been able to bridge the differences over valuation and some bidders were worried about deploying capital for a major acquisition amid market volatility, the people said.
Shares of Panin Bank fell as much as 3.4% on Wednesday, the most in two weeks, after the Bloomberg News report. The stock has risen almost 36% in the past year, giving the lender a market valuation of about $2.1 billion.
Panin Bank’s biggest shareholders, including the Gunawan family with a 46% stake and ANZ Group Holdings Ltd. with about 38.8% have been working with their respective financial advisers as they explore a potential sale of their holdings, Bloomberg News has reported. Japanese lenders Sumitomo Mitsui Financial Group Inc. and Mitsubishi UFJ Financial Group Inc. are among those that have showed interest in the asset earlier, people familiar with the matter have said. Read More…
