Announced in a stock exchange filing, Maybank said that the dispose of stake is in line with the mandatory sell-down requirements by Indonesia’s Financial Services Authority or Otoritas Jasa Keuangan (OJK).
The Malaysian bank has floated 11.7% of the 20% required by OJK and also sought for an extension to comply with the June-end deadline with respect of the remaining 8.3% stake in BII.
Maybank said, "The group has also entered into a commercial arrangement where the economic exposure resulting from the disposal is being retained."
Presently, Maybank operates in Malaysia, Singapore, Indonesia, China, Philippines and Vietnam and anticipates drawing 40% of its profit overseas from 30% holdings.
The Indonesian bank, which was acquired by Maybank in 2008, reported assets of $11.91bn and has a network of 415 branches.
