People line up inside a branch of the Mitsubishi Financial Group UFJ (MUFJ) bank of Tokyo-Mitsubishi UFJ in Tokyo, Japan, February 1, 2016. REUTERS/Yuya Shino/File Photo

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July 13 (Reuters) – Japan’s Mitsubishi UFJ Financial Group Inc (MUFG) (8306.T) is considering an offer for Bank Pan Indonesia Tbk PT (Panin Bank) (PNBN.JK), Bloomberg News reported (https:// bloom.bg/3Rxpq7h) on Wednesday, citing people familiar with the matter.

The Tokyo-based bank is working with a financial adviser as it explores a deal to acquire a stake in Panin Bank, according to the report.

The Japanese lender may propose to merge the Jakarta-based bank with local unit Bank Danamon Indonesia Tbk PT (BDMN.JK), according to the report.

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MUFG declined to comment. Panin Bank and Bank Danamon Indonesia Tbk PT did not respond to a Reuters request for comment.

As of July 13, Panin Bank’s market capitalization stood at nearly 45 trillion rupees ($3 billion), according to data from Refinitiv Eikon.

($1 = 14,985.0000 rupees)

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Reporting by Anirudh Saligrama in Bengaluru; Editing by Shinjini Ganguli

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