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Panin sale talks progress

Efforts by ANZ to sell its 39 per cent stake in PT Bank Pan Indonesia, to Mizuho Financial Group, are getting warm, a report by Bloomberg on Friday suggested.The sale is being held up by a dispute about board representation, according to the report. The Gunawan family, which controls Bank Panin, is resisting Mizuho's demand for a board seat should it buy ANZ's holding.At present, ANZ does not have any representation on Panin's board.Mizuho and ANZ are also negotiating other terms for the deal. Talks between the two date from at least August last year.The market capitalisation of ANZ's holding is worth around A$600 million.

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