|
Malaysia's top lender Maybank said Wednesday it plans to
acquire Indonesia's sixth largest bank, Bank Internasional Indonesia,
for a total US$2.7 billion as part of an aggressive regional expansion.
In a statement to the stock exchange, Maybank said it has agreed to buy
Sorak Financial Holdings Pte. Ltd., which owns 56 percent of Bank
Internasional, for US$1.5 billion.
Maybank will then make a tender offer for the remaining 44 percent
stake in Bank Internasional for US$1.2 billion, it said.
Sorak is 75 percent-owned by Singapore's Temasek Holdings and 25
percent by Kookmin Bank of South Korea.
"The acquisition will transform our growth prospects in Indonesia and
is a huge step forward in our strategy to regionalize our operations
through investments in selected high growth markets," Maybank said.
Bank Internasional, which has a network of 230 branches and some 700
ATMs, is expected to benefit from a consolidation in Indonesia's
overcrowded banking sector, it said.
The deal will help Maybank gain a strong foothold in Indonesia's high
growth banking industry and capture the remittance and trade finance
products markets, the bank said.
Apart from Indonesia, Maybank has also strengthened its presence in
Vietnam. Last week, it announced plans to buy 15 percent of Vietnam's
An Binh Bank for RM 430 million ($135 million).
|
