Japan’s Sumitomo Mitsui Financial Group (SMFG) is likely to emerge as a frontrunner in the race to acquire a controlling stake in Jakarta-based lender PT Bank Pan Indonesia (also known as Bank Panin), according to multiple sources familiar with the matter.
Earlier, Mitsubishi UFJ Financial Group (MUFG) was reported to be in talks to acquire a stake but it is now understood that the Japanese major is not actively pursuing the deal.