DBS Group, the leading bank in Southeast Asia in terms of assets, is in the lead to acquire a controlling share in Panin Bank of Indonesia, as per sources familiar with the situation. The bidding competition in the second round pits DBS against Malaysia's CIMB Group for approximately 86% of Panin Bank, the 12th largest bank in Indonesia. The combined stake held by ANZ of Australia and the Gunawan family is valued at $1.8 billion as of the latest market close. ANZ has been looking to sell its 39% stake since 2013, while the Gunawan family is willing to sell a portion based on the offer price. Final bids for the stake are expected by late April or early May, subject to market conditions. If the deal goes through, it would be the first major acquisition for DBS under the incoming CEO Tan Su Shan, who is open to strategic acquisitions that enhance value. The acquisition of Panin Bank would position DBS among Indonesia's top 10 banks. Other interested parties in Panin Bank include Oversea-Chinese Banking Corp of Singapore and Sumitomo Mitsui from Japan. Panin Bank, founded in 1971 by Mu'min Ali Gunawan and listed on the Jakarta stock exchange in 1982, reported a net profit increase of 8.2% to 2.74 trillion rupiah ($165 million) last year. Despite its positive financial performance, the bank's shares have declined along with the broader Indonesian stock market and weakening rupiah due to concerns over government policies and fiscal conditions.