ANZ may finally have a buyer for its 39 per cent stake in PT Bank Pan Indonesia. Reuters reported yesterday that the Mizuho Financial Group has approached ANZ to buy the stake.The bank's holding is valued at US$780 million, though the market price is now closer to $600 million.Reuters reported that Mizuho made the approach to ANZ last month. The discussions are at an early stage, a source told Reuters. ANZ has been open to the sale of its portfolio of minority stakes in Asian banks in the past. It sold its 10 per cent stake in Sacombank, in Vietnam, last year.In April, the Australian Financial Review reported that the bank's chief executive, Mike Smith, had said: "I don't really mind if someone offers us a good price [for Panin] then we will sell it."Smith also appeared open to the idea of buying Panin outright, as has long been speculated.To move to control the bank, either ANZ or Mizuho would have to win over the Gunawan family, which owns 46 per cent of Panin.The Gunawan family's stake has been on the market in the recent past, though any foreign bank buyer would have to be mindful of the recent decision of Indonesia's central bank to put a 40 per cent cap on foreign ownership of its banks, a decision that put an end to a bid by Singapore's DBS to buy a controlling stake in PT Bank Danamon.Panin is the oldest of ANZ's legacy investments in Asia, which it bought from Westpac 19 years ago, when Don Mercer was CEO.But it no longer sits well with an Asian strategy that, for the most part, favours outright ownership (including in Indonesia).Regulatory rules on measuring bank capital have also made minority stakes uneconomic.