Maybank to close BII deal.
Malayan Banking Berhad (Maybank) said it would close the deal to
acquire 56.13% of PT Bank Internasional Indonesia Tbk (BII) at a price
of US$2.7 billion. Maybank finally decided to acquire the stake from
Sorak Financial Holdings Pte Ltd, which is a consortium between
Fullerton Financial Holdings Pte Ltd and Kookmin Bank, the largest bank
in South Korea. Fullerton is a unit of Temasek, an investment holding of
Singapore. President of BII Henry Ho Hon Cheong said Fullerton, Kookmin
and Maybank had agreed to complete the process of taking over Sorak on
26 September 2008. Maybank will also need to provide US$1.2 billion to
buy shares form investing public.