ANZ said it had paid $US114million (A$166 million) for the extra stake, "as it continues to invest for growth in the key market of Indonesia''.
ANZ Chief Executive Officer Asia Pacific, Alex Thursby, said the purchase "reflected ANZ's commitment to the partnership with Panin and to growth in Indonesia.
"Indonesia is a key market in ANZ's growth strategy in Asia and Panin is one of ANZ's longest standing and largest strategic partnerships in the region,'' said Mr Thursby said.
The shares in Panin were acquired by ANZ off-market from institutional investors, ANZ said.
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