Australia & New Zealand Banking Group (ANZ) is planning to sell its 38.9% stake in medium lender PT Bank Pan Indonesia, also known as Panin Bank, dealstreetasia.com reported.
The move comes after Australian watchdogs in 2013 mandated banks to subtract the entire value of overseas minority investments from Tier 1 capital.
The requirement for higher equity ratios is expected to drive ANZ in offloading minority stakes in two or three Asian banks over the coming two years. ANZ also operates in Indonesia through PT Bank ANZ Indonesia, where it owns 99% shares.
In the Asian region apart from Panin Bank, ANZ owns 24% of Malaysia’s AmBank Group, 14% in China’s Bank of Tianjin, as well as a 20% stake in the Shanghai Rural and Commercial Bank.