Malaysia's Maybank Takes Stake in Bank Internasional Indonesia

JAKARTA, March 27 Asia Pulse - Malaysia's largest bank Malayan Banking Bhd (KLSE:1155) has won a tender to acquire a 56% stake in Bank Internasional Indonesia (JSX:BNII) (BII) from Singapore's Temasek Holdings.

Maybank defeated other bidders, including the Hong Kong Shanghai Banking Corporation (HKSE:0005), China Construction Bank (SEHK:0939, SSX:601939) and Bank of China (SSX:601988, SEHK:3988).

Maybank will pay US$1.5 billion for the stake to Sorak Financial Holdings, a consortium 75% owned by Temasek and 25% by South Korea's Kookmin Bank.

Temasek has been forced to sell the stake under a Bank Indonesia's rule of single presence policy banning an investor from having controlling stake in more than one bank in the country.

Temasek also has a majority stake of 69.57% in the country's fifth-largest lender, Bank Danamon.

Temasek has earned a large profit from sales of the asset.

Sorak paid only US$217 million for 51% of BII from the country's banking rescue agency BPPN in 2003.

Temasek increased its stake in BII to 56% later, by acquiring shares from other BII shareholders.

(ANTARA)