May 20, 2010

ICBC & Santander eye Bank Panin?

Old market rumor on intention of Mukmin Ali Gunawan to dispose PT Bank Pan Indonesia Tbk (Bank Panin) is coming out. Is it serious for Mukmin Ali Gunawan to divest Bank Panin? It is only God and Mukmin himself know the answer.
I have heard the rumor since two or three years ago. But, it remains fake. It is not easy for him, founder and controlling shareholder of Bank, to sell the most precious empire asset. "Bank Panin is the only place and gate for Mukmin to get money easily. It is impossible for him to let it go to buyers. The concern is always about how much buyers want to offer," a source close to Mukmin Gunawan family.
Medias today report that Mukmin Ali Gunawan is considering to sell 44.68% stakes in Bank Panin in a bid to snap up US$1.4 billion in cash.
"Mukmin Ali Gunawan has officially mandated UBS Securities to advice and gather price indications from potential buyers."
I have confirmed about UBS appointment to Rajiv Louis, UBS's Head of Investment Bank. But, he hasn't responded.
The medias report said ANZ is Mukmin's partner in Bank Panin who will firstly obtain the first chance to buy the bank's remaining shares if Mukmin would offload the shares. Mukmin Ali Gunawan controls 44.68% stakes in Bank Panin via PT Panin Finansial Tbk (PNLF). Panin Finansial President Director Fadjar Gunawan, son of Mukmin Ali Gunawan, as quoted by Kontan daily, said "I don't know about the rumor."
Another investment banker said UBS has whispered about the sale to some overseas banks in order to obtain indicative price. But, so far UBS hasn't issued a teaser letter. "The teaser might be issued in June," the banker said.
So who are potential buyers for Bank Panin? Another source said ICBC Bank and European-based Santander are among strategic investors interested to buy Bank Panin. New potential buyers will partner ANZ Bank in Bank Panin. 

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