Oversea-Chinese Banking Corporation (OCBC) and CIMB, Southeast Asia’s second and fifth-largest banks, are competing for a controlling stake in Bank Pan Indonesia (Panin Bank), according to sources familiar with the matter. The stake is being offered by ANZ, an Australian lender, and the Gunawan family, who founded Panin Bank in 1971.
OCBC and CIMB have already submitted non-binding offers, the sources revealed. The bids, which are part of a confidential process, are expected to close this month. Both ANZ and the Gunawan family collectively hold a majority interest in the bank.
In addition to OCBC and CIMB, Malaysia’s Maybank is also exploring a potential bid with the help of an adviser, according to another source. Japanese banks Mitsubishi UFJ Financial Group and Sumitomo Mitsui Banking Corporation have also expressed interest, broadening the pool of potential buyers.
Currently, ANZ holds a 39.22% stake in Panin Bank, while the Gunawan family controls 46.52%, per LSEG data. Combined, their stakes are valued at approximately $2.4 billion, based on Monday’s closing price of 1,900 rupiah per share. The plan to sell the controlling stake was first reported in October.
Shares of Panin Bank have surged 58.3% so far this year, boosting the bank’s total market capitalization to $2.84 billion. This sharp rise reflects growing investor interest amid the ongoing stake sale discussions.