By Saeed Azhar and Swati Pandey
SINGAPORE/SYDNEY, Aug 21 (Reuters) - Australia and New Zealand Banking Group ANZ.AX will launch the sale process next week for its 39 percent stake in Bank Pan Indonesia Tbk (Panin) PNBN.JK , worth about $720 million, people familiar with the matter told Reuters.
ANZ has hired Goldman Sachs (NYSE:GS) GS.N for the sale, which is expected to attract bidders from China, Taiwan and Japan, the people said.
"They are putting out an IM (information memorandum) next week to kick-start the process. I think they will keep it fairly tight and target mostly Asia-based bankers," one of the sources said, referring to the document investment banks draft to market an asset to prospective buyers.
ANZ did not respond to requests for comment by Reuters. Goldman Sachs and Panin declined to comment.
Australian banks are scrambling to raise capital and sell assets after a domestic regulator ordered them to set aside more reserves against their oversized mortgage books.
ANZ this month unveiled a A$3 billion ($2.2 billion) share offer and is selling its vehicle and equipment finance unit Esanda. ID:nL3N10G6D5
Earlier talks between ANZ and Japan's Mizuho Financial Group Inc 8411.T over the Panin stake stalled, partly because Mizuho's request for Panin board seats was opposed by the Gunawan family, which controls 46.5 percent of the Indonesian lender, sources have said. ID:nL3N0TS53J ($1 = 1.3691 Australian dollars)