MUFG Eyes Bank Panin, a Speculation on Merger with Danamon Arise

By Editorial Team 14/07/2022
Merger
Summary

Japan-based financial institution Mitsubishi UFJ Financial Group (MUFG) is reportedly exploring a deal to acquire PT Bank Pan Indonesia Tbk (Bank Panin) as it seeks to leverage its presence in the Indonesian market, Bloomberg reported. MUFG is working with financial advisors while exploring the process of acquiring Panin Bank.

"MUFG may propose combining Bank Panin with its subsidiary PT Bank Danamon Tbk [BDMN] as part of the deal," a source told Bloomberg on Wednesday. MUFG's interest is in line with existing shareholders' efforts, the Mu'min Ali Gunawan family, which controls a 46 percent stake in Bank Panin, and is also working with financial advisers to explore several options related to share ownership in Panin Bank.

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