Malayan Banking (Maybank) missed Friday’s deadline to complete the first section of its $2.7bn offer to buy Bank Internasional Indonesia after Bank Negara Malaysia told it late on Thursday to negotiate a lower price.

Maybank said the central bank’s 11th-hour intervention was because the “current financial turmoil in the global financial market and its impact on the regional financial markets… will affect Maybank’s financial soundness and overall stability of the Malaysian financial system”.