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KUALA LUMPUR: Malaysia's largest lender Maybank said Wednesday it had agreed to buy a 55.7 per cent controlling stake of Indonesia's Bank Internasional Indonesia (BII) for 1.5 billion US dollars.
Maybank will acquire the entire stake from a unit of Singapore's Temasek Holdings and South Korea's Kookmin Bank, the company said in a statement.
"The acquisition will transform our growth prospects in Indonesia and is a huge step forward in our strategy to regionalise our operations," said Maybank's acting chief executive officer Aminuddin Desa.
The BII stake was owned by Sorak Financial Holdings, which is 75 per cent owned by Temasek's wholly-owned subsidiary Fullerton Financial Holdings and 25 per cent by Kookmin Bank.
Maybank said it will also offer BII's shareholders about 1.2 billion US dollars for the remaining 44 per cent 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 US dollars).
BII is listed on the Jakarta Stock Exchange and ranks as Indonesia's sixth largest bank. - AFP/ac
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