Japan-based Mitsubishi UFJ Financial Group Inc (MUFG) is considering a bid for Bank Pan Indonesia Tbk PT (Panin Bank), Bloomberg News reported on Wednesday, citing people familiar with the matter.
The Tokyo-based bank is working with a financial adviser as it explores a deal to acquire a stake in Panin Bank, the report said.
The Japanese lender could propose merging Jakarta-based bank with local unit Bank Danamon Indonesia Tbk PT, the report said.
MUFG declined to comment. Panin Bank and Bank Danamon Indonesia Tbk PT did not respond to a Reuters request for comment.
As of July 13, the market capitalisation of Panin Bank stood at nearly 45 trillion Rupiah ($3 billion), according to Refinitiv Eikon data.
Reuters