Mitsubishi UFJ Financial Group Inc. has entered the running for a 39 percent stake in PT Bank Pan Indonesia, people with knowledge of the matter said, potentially setting up a battle between two of Japan's largest banks.
Japan's biggest lender and its competitor, Mizuho Financial Group Inc., are among short-listed bidders for Australia & New Zealand Banking Group Ltd.'s holding in Jakarta-based Bank Panin, according to the people, who asked not to be identified, as the information is private.
Taiwan's CTBC Financial Holding Co. and Fubon Financial Holding Co. were also invited to submit second-round offers for the stake, which is worth about 8.84 trillion rupiah ($648 million) at the current share price, the people said.