DBS Group is leading the race to acquire a controlling stake in Indonesia’s Panin Bank, ahead of Malaysia’s CIMB Group, according to sources familiar with the matter. About 86% of Panin Bank, valued at USD1.8bn as of Tuesday’s close, is up for sale, including stakes held by Australia’s ANZ and the Gunawan family. Binding offers are expected by late April or early May, though plans may shift depending on market conditions. ANZ has sought to exit its 39% stake since 2013, while the Gunawan family remains open to varying deal sizes. A successful bid would mark DBS’ first acquisition under incoming CEO Tan Su Shan and potentially elevate it into Indonesia’s top 10 lenders. Panin Bank reported an 8.2% profit rise last year despite a recent share slump.