ANZ may ditch stake in Panin Bank
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With tough new capital rules making minority partnerships more expensive for banks, Reuters reported on Tuesday that Japan's Mizuho Financial Group had approached ANZ to buy the 39 per cent stake in Panin.
An ANZ spokesman would not confirm the report, but chief executive Mike Smith has previously indicated he would be open to selling the stake at the right price.
Under new banking rules, minority stakes in overseas lenders have become much more capital-intensive.
Asian-focused ANZ last year sold its stake in Vietnamese lender Sacombank, and in April Mr Smith said the lender would examine treatment of minority holdings.
Citi analyst Craig Williams said ANZ would be likely to want to sell the stake in question and some other big banks may sell their foreign minority holdings.
The deal would not mark an exit from the Indonesian market for ANZ, which also has 28 branches of its own and 1100 staff in the country.
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