Maybank sells off another 9 per cent of Indonesian unit

Malayan Banking Bhd (Maybank), Malaysia's biggest bank by assets, said it has disposed 9 per cent of its stake in PT Bank Internasional Indonesia Tbk (BII) towards meeting mandatory sell-down requirements, reported Reuters.

Maybank has floated 11.7 per cent of the 20 per cent required by Indonesia's Financial Services Authority or Otoritas Jasa Keuangan (OJK), after selling 9 per cent of BII to an unnamed "third party investor", it said in a stock exchange announcement yesterday. 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 (US$11.91 billion) and has a network of 415 branches, according to its website.

Maybank aims to derive 40 per cent of its profit overseas, from 30 per cent presently. Its overseas operations are also in Singapore, Indonesia, China, Philippines and Vietnam. - June 21, 2013.