According to sources, Indonesia's Gunawan family is willing to give up its controlling $1.4 billion stake in the PT Bank. The family owns a 46% share in the bank and is ready to sell its holding in the bank.

It is expected that Australia and New Zealand Banking Group Ltd. that already has a 38.5% stake in the bank is likely to pick up the stake offered by the Indonesian family.

The family is trying to find the best possible price for its share of the bank. The source refused to identify itself.

The family has already hired UBS Securities to find a suitable buyer for its share, while Australia and New Zealand Banking Group has hired Morgan Stanley and Credit Suisse to get advice on the latest bid. This has already been confirmed by both the sides.

Experts feel that ANZ Group will be the front runners as it wants to become a strong player in the Asian banking market. It also feels that the region offers better opportunities for growth as compared to other regions.

The bank was set up by the Indonesian family in the year 1971. ANZ group acquired a 29% share in the year 1999. It then increased its share to 30% in 2007 and further hiked it to 38.2% last year.

Analysts feel that the ANZ group will have to pay almost 3 times the book value of the shares to get the stake of the Indonesian family.