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August 5, 2008

Malaysia central bank may give nod for Maybank BII deal

Malaysia’s central bank is likely to allow Maybank to go on with its proposed acquisition of a controlling stake in Bank Internasional Indonesia (BII) in the case that Indonesian authorities relax demands Maybank cuts its stake within two years, said Reuters on Monday.

Reuters said a financial source, who spoke on condition of anonymity, said that if Indonesian regulators revised the rule to demand a partial sale after five years that would be enough to allow Bank Negara Malaysia to withdraw its objections to the deal.

It quoted the source as saying, “The central bank may approve the deal if the selldown rule is extended to five years from the current two years as the deal would be earnings accretive by then.”

Shares of Maybank have risen after the Malaysian central bank blocked its plan to buy the controlling stake in BII, as analysts said the Malaysian acquirer was overpaying at about 4.6 times book value.

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