(Bloomberg) -- Asian banks including DBS Group Holdings Ltd., Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. are among potential suitors for PT Bank Pan Indonesia, according to people familiar with the matter.
The three lenders have submitted separate preliminary proposals to buy the Jakarta-listed bank known as Panin Bank, the people said, asking not to be identified because the matter is private. Panin Bank has also drawn interest from other Asian financial institutions, the people said.
Considerations are ongoing and no final decisions have been made, the people said.
Panin Bank’s shares jumped as much as 8.4% Tuesday morning, the biggest intraday gain since Nov. 11. The shares have climbed 66% this year, giving the company a market value of about $3 billion.
Bloomberg News reported in September that ANZ Group Holdings Ltd. was considering reviving a sale of its 38.8% stake in Panin as part of its strategy to reduce positions in some long-held Asian assets. Indonesia’s Gunawan family, which controls 46% of Panin Bank, is also ready to consider joining a sale for the right price, the people said.
Both MUFG and Sumitomo Mitsui — Japan’s largest banks — have previously considered bidding for Panin Bank, but those efforts stalled on valuation concerns.
The Gunawan family’s reluctance to give a board seat to incoming investors hampered ANZ’s earlier negotiations with suitors, Bloomberg reported in 2015.
Representatives for ANZ, DBS, MUFG and Sumitomo Mitsui declined to comment. Panin Bank President Director Herwidayatmo said the bank’s management doesn’t have information regarding the acquisition plan.
--With assistance from Taiga Uranaka, Harry Brumpton and Prima Wirayani.
(Updates with share price reaction in fourth paragraph.)
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