Financial Times FT.com

Maybank chiefs to come under scrutiny

By John Aglionby in Jakarta

Published: October 2 2008 22:13 | Last updated: October 2 2008 22:13

Malayan Banking’s (Maybank) bosses can expect to come under scrutiny for completing its purchase of Bank Internasional Indonesia (BII) despite securing a discount on the price agreed six months ago.

Maybank on Tuesday bought 55.7 per cent of Indonesia’s eighth largest bank from Sorak Financial Holdings for $1.24bn, a 15 per cent rebate on the original $1.5bn deal. The Malaysian lender will now make a tender offer for the remaining shares at the originally agreed Rp510, or $1.2bn for all of them.

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