Mizuho Financial’s negotiations to acquire Australia & New Zealand Banking Group’s (ANZ) stake in PT Bank Pan Indonesia Tbk (Panin) have stalled.

"(The talks) have taken a slightly backward step," Mizuho President Yasuhiro Sato told Reuters in an interview. However, he did not elaborate on the reasons for the protracted negotiations.

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The talks had stalled partly because Mizuho has asked for board seats at Panin, and the Gunawan family, which controls around 46% of the Indonesian lender, is unwilling to cede, a person with the development told Reuters.

"The Gunawan family is not in a rush to have to increase capital," the source said.

Mizuho initiated negotiations’ with ANZ to buy its 39% stake in Panin. The stake is now valued around $900m based on its current share price.

Sato also revealed that the bank is also looking for other acquisition opportunities in Indonesia, along with Thailand and the Philippines, as it seeks to build up its corporate banking operations in Asian emerging markets.

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The bank is also exploring Asia’s asset management industry for potential targets, he added.

"For asset management business, we have teamed up with BlackRock, whose product coverage is global, but Asia is the only region not fully covered by BlackRock.

"So, asset management companies with strength in Asian products are our acquisition targets," he was further quoted as saying by the publication.