ANZ Group becomes Panin Bank controlling shareholder

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ANZ Group becomes Panin Bank controlling shareholder

JAKARTA. PT Bank Pan Indonesia Tbk (PNBN) or Panin Bank now officially has two controlling shareholders following the ANZ Group’s acquisition of a 38.83% stake in the bank, with the rest owned by founder Mukmin Ali Gunawan.

Bank Panin Vice President Director Roosniati Salihin confirmed the acquisition. “Now there are two controlling shareholders [in Bank Panin]: the founder with a 46% stake and ANZ with 38.83%,” she told Bisnis Indonesia, Thursday (7/11).

Meanwhile, Financial Services Authority (OJK) Executive Head of Banking Supervision Heru Kristiyana said that a fit and proper test regarding ANZ’s ownership in Panin Bank had been recently completed. “It’s been completed recently,” said Mr Kristiyana after the 2019 Indonesia Banking Expo in Jakarta, Wednesday (6/11).

OJK has not assigned ANZ’s obligation to a merger in accordance with the single presence policy (SPP) regulation, nor has it heard about ANZ’s plan to exit Panin Bank’s shareholding structure. “We’ll see. It’s still new, we will think about it later,” said Mr Kristiyani.

OJK is planning to improve the SPP regulation, which includes relaxation. The current regulation states that a controlling shareholder is only allowed to own one bank, and if a controlling shareholder owns another bank a merger is required.