ANZ pays $166 million to boost its stake in Indonesia's PT Panin Bank to 38.3 per cent.
ANZ has acquired a further 8.4 per cent stake in PT Panin Bank (Panin) for $166 million, raising its shareholding in Indonesia's seventh-largest bank to 38.3 per cent.
"Indonesia is a key market in ANZ's growth strategy in Asia and Panin is one of ANZ's longest standing and largest strategic partnerships in the region," ANZ Asia Pacific chief executive Alex Thursby said yesterday.
"This increased shareholding recognises the strong position of Panin and the opportunities offered by a well-run bank with strong management and underlying fundamentals that supports its business plan."
Panin has over $8 billion in assets and services 400,000 customers through 364 branches and 463 automated teller machines in major Indonesian cities.
Bank lending in the country is projected to grow by 18 per cent in 2009, easing from 30.2 per cent last year, according to the country's central bank.
Indonesia's economy is projected to grow at 4.4 per cent in 2009 before recovering towards 6 per cent in 2010, the World Bank said in its Indonesia Quarterly Economic Update dated December 10, 2008.
ANZ has been a shareholder in Panin since 1999 and also has an 85 per cent shareholding in a joint venture with Panin, known as PT ANZ Panin Bank.
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