Investors cheered when Malaysia’s central bank last week revoked approval of Maybank’s $2.7bn bid to take over Bank Internasional Indonesia in what was to be the biggest foreign acquisition by Malaysia’s largest commercial bank.

Maybank’s share price has fallen by 20 per cent this year on worries that it was paying too much for investments in regional banks as it sought to match the overseas expansion of local rivals CIMB and Public Bank.