ANZ intends to increase stake in Panin Bank<\/p>\n
Australia and New Zealand Banking Group Ltd. (ANZ) chief
\nexecutive John McFarlane said Friday the group intended to
\nincrease its stake in Indonesia's Panin Bank.<\/p>\n
ANZ currently owns 11 percent of the Panin Bank and has an
\noption to increase this to 29 percent.<\/p>\n
\"It is our intention to exercise those options and we will do
\nit when we feel it is right,\" McFarlane told reporters.<\/p>\n
Panin Bank is competing with three other consortia including
\nMalaysian financial group Commerce Asset-Holdings Berhad, local
\nBank Victoria International, and Batavia Investment Fund for a
\ngovernment 51 percent stake in mid-sized Bank Niaga.<\/p>\n
The Indonesian Bank Restructuring Agency (IBRA) has targeted
\nthe divestment process to be completed in June.<\/p>\n
Panin Bank, a mid-sized bank focusing on retail banking, is
\none of the few local banks which have managed to relatively
\nsurvive the 1998 financial crisis without having to rely on
\ngovernment bailout program.<\/p>\n
The price of Panin Bank shares on the Jakarta Stock Exchange
\nhas risen from around Rp 185 per share early this year to around
\nRp 600 lately. The stock ended slightly lower at Rp 575 on
\nFriday.<\/p>\n
Earlier Friday, ANZ unveiled a record interim net profit of
\nA$1.05 billion.<\/p>\n
McFarlane said the group's 17 percent rise in net earnings was
\ncredible in light of the subdued domestic climate, the
\ninternational recession, and the collapse of U.S. energy trader
\nEnron Corp. -- Dow Jones<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/anz-intends-to-increase-stake-in-panin-bank-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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