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Wednesday March 26, 2:18 PM
Malaysia's Maybank buys 1.5 billion dollar stake in Indonesian bankMalaysia's largest lender Maybank said Wednesday it had agreed to buy a 55.7 percent controlling stake of Indonesia's Bank Internasional Indonesia (BII) for 1.5 billion dollars. Maybank will acquire the entire stake from a unit of Singapore state investor Temasek Holdings and South Korea's Kookmin Bank, the company said in a statement.
The BII stake was owned by Sorak Financial Holdings, which is 75 percent owned by Temasek's wholly-owned subsidiary Fullerton Financial Holdings and 25 percent by Kookmin Bank. Maybank said it will also offer BII's shareholders about 1.2 billion dollars for the remaining 44 percent stake. "We are excited as the Indonesian banking sector remains under-penetrated, with excellent long-term growth potential," Aminuddin said. "BII is well placed to capitalise on this growth potential given its strong market position, extensive multi-channel distribution network and high-quality customer base." Malaysia's central bank has approved the acquisition but it is still conditional upon regulatory approval from Bank Indonesia and Maybank shareholders. Trading in Maybank shares was suspended after the announcement, with its shares last traded at 8.95 ringgit (2.79 dollars). BII is listed on the Jakarta Stock Exchange and ranks as Indonesia's sixth largest bank.
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