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Sources say that the sale of Panin Bank's stake in Indonesia is stalled due to pricing mismatch.

Three sources familiar with the matter claim that the sale of a majority stake in Bank Pan Indonesia, or Panin Bank, listed on Jakarta's stock exchange by ANZ Australia and Indonesia’s Gunawan Family has been stalled because of a mismatch of pricing.

The combined stake is equivalent to approximately 86% of Panin Bank. This bank was valued at $1.45 billion on Friday, based on the 1,140 rupiah share price on the Jakarta Stock Exchange.

According to LSEG, the Gunawan family holds 46.5% of the shares. It is willing to reduce its holdings. ANZ, an Australian bank, owns around 39.2%.

CIMB Group, DBS Group, and other regional lenders showed interest in the sale earlier this year. Both banks, however, did not make binding bids because they could not meet the sellers' expectations.

One source said that the sellers wanted a price tag more than double the current Panin Bank price-to book ratio.

LSEG data shows that Panin Bank's shares were traded at 0.75 book value in the first quarter ending March 2025.

Sources who declined to give their names as it was a private matter said that the sale process could resume once the price gap is reduced.

One source added that CIMB remains interested in and open to discussions.

ANZ Citi DBS declined comment.

Panin Bank Director Herwidayatmo stated that the management of the bank is not involved in this process. She referred the question to the controlling shareholders.

Gunawan Family could not be contacted for comment. CIMB has not responded to a request for comment sent via email.

ANZ, together with the Gunawan Family, began a joint sale last year. They put the combined controlling share on the market.

The sale is part of ANZ’s strategy to reduce low-returning business lines, and to reduce exposure to retail banking and wealth management in Asia in order to boost return on Equity.

Panin Bank, founded in 1971 by Mu'min Ali Gunawan, was listed at the Jakarta Stock Exchange in 1982. According to its website, the bank's business ranges from consumer finance to private wealth. ($1 = 4.2240 ringgit) ($1 = 16,190.0000 rupiah)

(source: Reuters)