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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.

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