Australia & New Zealand Banking Group (ANZ) has reportedly resumed talks to sell its 39% stake in PT Bank Pan Indonesia after discussions stalled for more than a year.
The sale is likely to draw interest from Japan’s Mizuho Financial Group, which was previously considering buying the stake besides attracting other bidders, reported Bloomberg.
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According to the publication, the stake held by ANZ will be valued at about $948m as the Melbourne-based lender valued the Bank Panin stake at AUD795m in its latest annual report.
ANZ began discussions with Mizuho to sell the stake in 2013, but the negotiations stalled with the resistance of Gunawan family, that controls Jakarta-based bank, to Mizuho’s demand for a board seat.
