The Australia and New Zealand Banking Group (ANZ) has put its 39% stake in Indonesia’s Panin Bank on a formal auction, as it aims to exit legacy equity holdings in Asian banks and boost its capital position.

ANZ’s stake in Panin Bank, which is owned by the Gunawan family, and is valued at A$1bn (approximately $740m), The Australian reported.

ANZ already had talks with Japan’s Mizuho Financial Group over the sale. Putting the stake up through a formal auction highlights the bank’s keenness to accelerate its exit from Panin, the newspaper said.

Founded in 1971, Panin Bank is a merger of three banks, namely Bank Kemakmuran, Bank Industri Djaja Indonesia and Bank Industri & Dagang Indonesia.