Jul 1, 2010

Panin Financial retains Bank Panin

Despite strong demand from strategic investors, PT Panin Financial Tbk (PNLF) remains maintaining 45.92% stakes at PT Bank Pan Indonesia Tbk (Bank Panin).
Panin Financial's President Director Fadjar Gunawan, son of Bank Panin's founder and owner Mu'min Ali Gunawan, said although the company has mandated UBS as financial advisor, it doesn't mean that the company will dispose Bank Panin.
"We have obtained many offers from investors since 2008. But, we still maintain Bank Panin," he told Insider Stories today.
Share holders of Panin Financial has approved the change of its core business from life insurance to investment holding. "In the future, Panin Finansial plans to invest in lots of business. I can't disclose more detail," Fadjar said.

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