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ANZ plans to divest shares in Bank Panin

06 March 2019 06:56 AM  Company: PT. Bank Pan Indonesia Tbk[PNBN]
Rp. 1,200  +15 (1.27%)

JAKARTA. PT Bank Pan Indonesia Tbk (PNBN) or Bank Panin said the company is prepared for a change in its shareholder structure this year following ANZ's plan to offload its stake in the bank.

Bank Panin CEO Herwidiyatmo said the Financial Services Authority (OJK) had asked ANZ to reduce its ownership in Bank Panin if it did not want to be a controlling shareholder. Currently ANZ is Bank Panin's controlling shareholder with a stake of over 25%.

According to Bank Panin's official website, ANZ owns a 38.82% stake in Bank Panin. PT Panin Financial Tbk owns a 46.04% stake, and the remaining 15.14% is owned by the public.

"The OJK's regulation is clear that a controlling shareholder owns a stake of more than 25%, but they (ANZ) wants to reduce their ownership from 38%," said Mr Herwidiyatmo in Jakarta, Tuesday (5/3).

Furthermore, he explained that OJK has full authority regarding the change of ANZ's portion in Bank Panin, which does not allow him to elaborate the plan in details.

"If they (ANZ) asks for more time, it's the OJK's authority to give them time. We are prepared in any case," Mr Herwidiyatmo said. (AM/MS)

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PT. Bank Pan Indonesia Tbk [PNBN]   Rp. 1,200   +15 (1.27%)