PT Bank Pan Indonesia (PNBN) will divest its 14% share-ownership in PT Bank ANZ Panin to Australia and New Zealand Banking Group Limited (ANZ). The divestment, however, is still subject to approval from the Central Bank of Indonesia or Reserve Bank or Australia. Following the divestment, the ownership of ANZ in the bank will increase to 99% from previously 85%. ANZ is preparing US$44 mn for the acquisition.
Based on data from Bank Indonesia, as per Nov 09, ANZ Panin’s earnings declined by 84.27% yoy to Rp28.54bn, compared to Rp181.5 bn in 2008. However, the bank has booked a slight increase in credit expansion by 1.9% yoy to Rp8.82 tn, while third party funds reported at Rp11.56tn, increased from Rp7.58tn in the previous year. We still maintain Neutral recommendation on PNBN with P/BV 2.5x and P/E10 23.4x.
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