Mizuho approaches ANZ for $570 mln stake in Bank Panin - sources
Aug 13 (Reuters) - Mizuho Financial Group Inc has approached Australia and New Zealand Banking Group Ltd to buy ANZ's 39.2 percent stake in PT Bank Pan Indonesia Tbk (Panin) valued around $570 million, sources familiar with the matter told Reuters.
The discussions come as Mizuho tries to build its footprint in Southeast Asia, where it lags domestic rivals Mitsubishi UFJ Financial Group Inc and Sumitomo Mitsui Financial Group Inc in expanding in the fast-growing region.
Mizuho, Japan's second-biggest bank by assets, made the approach to ANZ last month and the discussions are at an early stage, one of the sources said.
The potential sale comes nearly three years after ANZ tried unsuccessfully to buy an additional stake in the bank, known as Bank Panin, from the founding family.
Any sale by ANZ Chief Executive Mike Smith could represent a setback for the Australian bank's strategy of becoming a pan-Asian bank to take on rivals like HSBC plc and Standard Chartered plc.
ANZ and Mizuho declined to comment. Bank Panin officials were not immediately available to comment.
Sources declined to be identified because the discussions were confidential. (Reporting by Saeed Azhar and Denny Thomas; Additional reporting by Janeman Latul in JAKARTA, Taiga Uranaka in TOKYO and Jackie Range in SYDNEY; Editing by Chris Gallagher)
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