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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.
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Title Annotation:Corporate News in Brief
Publication:Indonesian Commercial Newsletter
Date:Sep 1, 2008
Words:114
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