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Maybank sells off another 9 percent of Indonesian unit
June 20, 2013 / 10:14 AM / 4 years ago

Maybank sells off another 9 percent of Indonesian unit

KUALA LUMPUR, June 20 (Reuters) - Malayan Banking Bhd (Maybank), Malaysia’s biggest bank by assets, said on Thursday it has disposed 9 percent of its stake in PT Bank Internasional Indonesia Tbk (BII) towards meeting mandatory sell-down requirements.

Maybank has floated 11.7 percent of the 20 percent required by Indonesia’s Financial Services Authority or Otoritas Jasa Keuangan (OJK), after selling 9 percent of BII to an unnamed “third party investor”, it said in a stock exchange announcement. The company is applying for an extension on the end-June deadline for it to comply.

BII, one of Indonesia’s largest banks, lists assets of 118 trillion rupiah ($11.91 billion) and has a network of 415 branches, according to its website.

Maybank aims to derive 40 percent of its profit overseas, from 30 percent presently. It has operations in Malaysia, Singapore, Indonesia, China, Philippines and Vietnam. ($1 = 9907.5000 Indonesian rupiahs) (Reporting by Al-Zaquan Amer Hamzah; Editing by Jeremy Laurence)

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