Japanese financial services company Mitsubishi UFJ Financial Group (MUFG) is mulling a bid for PT Bank Pan Indonesia, Bloomberg reported citing unnamed sources. 

MUFG has hired financial advisers to explore the acquisition of a stake in the Indonesian peer, the sources said.

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The Tokyo-based bank could also consider merging PT Bank Pan Indonesia, also known as Panin Bank, as part of the deal, they added.

The news comes as the Gunawan family, which has a stake of around 46% in Panin Bank, weighs options for its stake. 

It is believed to have received preliminary interest from buyers including regional banks and local investors. However, the talks are said to be at an early stage and the deal may not materialise.

Responding to the publication’s query, Panin Bank president director Herwidayatmo said the bank’s management has not received any information from the controlling shareholders. 

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Last week, the publication reported that Australia and New Zealand Banking Group (ANZ), which has a stake of nearly 39% in the Indonesian bank, is also looking to divest its stake. 

Notably, the Melbourne-based bank’s latest move follows several failed attempts in the past decades.

Its earlier efforts did not lead to a deal because the Gunawan family has been reluctant to offer a board seat to an incoming investor. 

ANZ first bought a stake in the Indonesian lender in 1999 and raised it to over 38% a decade later.

In a separate development last week, MUFG sold around a 10% stake in Hong Kong-based financial group Dah Sing and announced plans to offload the remaining stake by March next year.