Sumitomo Mitsui Financial Group Inc is considering a rival bid for PT Bank Pan Indonesia, people familiar with the matter said, amid fierce competition between Japan’s biggest lenders to expand in Southeast Asia’s largest economy.
Sumitomo Mitsui is competing against suitors including bigger rival Mitsubishi UFJ Financial Group Inc (MUFG) to acquire a controlling stake in the Jakarta-based lender known as Panin Bank, the people said.
The Tokyo-based firms are among those working with advisers and conducting due diligence as they weigh binding bids, the people said.
Shares of Panin Bank surged 15 percent after the Bloomberg News report, their largest increase in nearly two months, giving the company a market value of about US$2.9 billion.
PT Panin Financial shares jumped as much as 12.2 percent.
While sale considerations are ongoing and no final decision has been made, MUFG is still seen as the strongest contender, the people said.
MUFG could propose combining Panin Bank with its local unit PT Bank Danamon Indonesia as part of the deal, Bloomberg News has reported.
Sumitomo Mitsui owns Jakarta-based PT Bank BTPN, which it bought in 2013.
Panin Bank’s biggest shareholders, including the Gunawan family with a 46 percent stake, and Australia and New Zealand Banking Group Ltd with about 38.8 percent, are working with their respective financial advisers as they explore a potential sale of their holdings, people familiar with the matter have said.
Other regional lenders as well as local investors have also expressed preliminary interest, the people said.
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