Maybank sells 9% stake in PT Bank Internasional Indonesia

Stake sold to an undisclosed third party investor.

Malayan Banking Berhad or Maybank, Malaysia's largest financial services group and the leading banking group in Southeast Asia, said that the disposal of the stake is in line with the mandatory sell-down requirements by Indonesia's Financial Services Authority or Otoritas Jasa Keuangan (OJK).

Maybank has floated 11.7% of the 20% required by OJK and also sought an extension to comply with the end-June deadline with respect of the remaining 8.3% stake in BII.

BII was acquired by Maybank in 2008 and reported assets of US$11.91 billion. It has a network of 415 branches.

Maybank said it has also entered into a commercial arrangement where the economic exposure resulting from the disposal is being retained.

Maybank currently operates in Malaysia, Singapore, Indonesia, China, the Philippines and Vietnam and anticipates drawing 40% of its profit overseas from abroad.