Japan’s Mitsubishi UFJ plans to bid for Indonesian bank Panin – Bloomberg News

Japan’s Mitsubishi UFJ Financial Group Inc (MUFG) is considering an offer for Bank Pan Indonesia Tbk PT (Panin Bank), Bloomberg News (https://bloom.bg/3Rxpq7h) 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, according to the report.

The Japanese lender may propose to merge the Jakarta-based bank with local unit Bank Danamon Indonesia Tbk PT, according to the report.

MUFG, Panin Bank and Bank Danamon Indonesia Tbk PT did not immediately respond to a Reuters request for comment.

As of July 13, Panin Bank’s market capitalization stood at nearly 45 trillion rupees ($3 billion), according to data from Refinitiv Eikon.

($1 = 14,985.0000 rupees)