The bidding war to secure a 42 per cent stake in Bank Internasional Indonesia (BII) has been whittled down to just three potential buyers. HSBC, the Bank of China and Malayan Banking Bhd are the only banks left trying to secure the share which is valued at around £400 million.
Singapore state investor Temasek is selling the share in the bank as a result of new legislation preventing foreign investors from owning more than one bank in Indonesia. As Temasek also owns a controlling stake in Bank Danamon, they have decided to sell their BII share instead. Although Temasek don’t have to sell the share until the end of 2010, the deal is expected to be concluded well in advance of that date.
Temasek are being advised by Goldman Sachs and Credit Suisse, and are currently trading at well above their book value.
Three Banks Left in Bidding for Indonesian Bank
Financial Services > e-banking > Banking news
Three Banks Left in Bidding for Indonesian Bank
Wed, 19 Mar 2008
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