The controlling stakes have a combined value of $2.4bn, based on Panin Bank’s share price of Rp1,900 ($0.1197). Credit: Hen Rico/Shutterstock.

Singapore’s Oversea-Chinese Banking (OCBC) and Malaysia-based CIMB are contending to acquire a controlling stake in Indonesian lender PT Bank Pan Indonesia (Panin Bank), reported Reuters, citing three sources privy to the development.

OCBC and CIMB have submitted non-binding offers for the stakes held by ANZ and the Gunawan family, the bank’s founders.

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As per LSEG data, ANZ holds a 39.22% stake, while the Gunawans have a 46.52% interest in the Indonesian lender. Established in 1971, Panin Bank is listed on the Jakarta stock exchange.

The combined value of their stakes is approximately $2.4bn, based on Panin Bank’s recent share price of Rp1,900 ($0.1197).

Reuters initially reported the potential sale plans in October.

Maybank, Southeast Asia’s fourth-largest bank, is also reportedly weighing a bid, with advice from a financial consultant, alongside other potential buyers such as Japan’s Mitsubishi UFJ Financial Group (MUFG) and Sumitomo Mitsui Banking Corp.

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Sumitomo Mitsui Banking Corp has been eyeing an acquisition since August 2022, while MUFG has been considering a bid for Panin Bank since July 2022.

The sale has garnered attention from larger banks, aiming to leverage Indonesia’s robust economic growth and take over a bank with a diverse portfolio, including consumer financing and private wealth management.

Panin Bank’s price to book ratio stands at 0.88 times, comparable to its peers, but higher than some, such as Bank OCBC NISP and Bank Maybank Indonesia, indicating a strong market position.