Mitsubishi UFJ Financial Group is considering a bid for PT Bank Pan Indonesia, people familiar with the matter said, as the Japanese banking giant seeks to bolster its presence in Southeast Asia’s biggest economy.
The Tokyo-based bank is working with a financial adviser as it explores a deal to acquire a stake in the Indonesian lender, the people said, asking not to be identified because the matter is private. MUFG could propose combining Panin Bank, as the Jakarta-based lender is known, with its local unit PT Bank Danamon Indonesia as part of the deal, the people said.
MUFG’s interest in Panin Bank comes as the Gunawan family, which controls about 46% of shares in the Southeast Asian bank, is also working with a financial adviser to explore options for its stake, the people said. The biggest shareholder has received preliminary interest from buyers, which include other regional lenders keen to expand in Southeast Asia as well as local investors, they said.