Maybank wins auction for stake in Indonesia's BII

Maybank pays $1.1 billion for Temasek's stake in Bank Internasional Indonesia.

Temasek, the Singapore investment company, sold its holding in Bank Internasional Indonesia BII on March 26 for $1.1 billion to Maybank, MalaysiaÆs biggest financial services group. The move was taken in order to comply with the central bankÆs 2006 ôsingle-presenceö rule that prohibits foreign investors owning more than one Indonesian bank.

A Temasek subsidiary, Fullerton Financial Holdings, sold its 75% interest in Sorak Financial Holdings with the balance held by KoreaÆs Kookmin Bank which owned 56% of the shares in...

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