The transactions would create a simpler structure for ANZ’s investments in Indonesia and in Laos.
• In Indonesia, ANZ is in advanced discussions with PT Panin Bank Tbk (Panin Bank) to acquire an additional 14 per cent interest in PT ANZ Panin Bank, an Indonesian jointventure bank currently 85% owned by ANZ and trading as ANZ. Final agreement between ANZ and Panin Bank is subject to Indonesian regulatory approval and would see ANZ increase its shareholding in the joint-venture bank from 85 per cent to 99 per cent for US$44 million. Panin Bank would retain a 1 per cent shareholding in PT ANZ Panin Bank.
• In Laos, ANZ has this week agreed to acquire the residual 10 per cent interest in ANZ Vientiane Commercial Bank Limited (ANZV) from IFC (International Finance Corporation), a member of the World Bank Group, for US$2.5 million.
The transaction will see ANZV become a 100 per cent owned subsidiary of ANZ.
ANZ CEO Asia Pacific, Europe and America Alex Thursby said: “Our super regional strategy and the increasing scale of our Asian business means it makes sense to take opportunities to simplify our business structure. “
For example, in Indonesia we expect to complete the acquisition of the Royal Bank of Scotland’s (RBS) retail and commercial businesses in June 2010* and these businesses will become part of PT ANZ Panin Bank with additional capital, systems and managerial requirements.
“We will be investing around US$100 million in capital in Indonesia this year as part of the completion of the RBS acquisition including the proposed increase in our shareholding in PT ANZ Panin Bank and to support organic growth. “The moves also highlight the importance of our ANZ-branded businesses in Asia, including the priority markets of Indonesia and Greater Mekong, which includes Laos,” Mr Thursby said.
The IFC transaction in Laos and the proposed transaction with Panin Bank in Indonesia are expected to be completed in the coming months subject to the necessary shareholder and regulatory approvals.