Mon, 25 Feb 2008
Singapore (ANTARA News) - Singapore's Temasek Holdings Pte Ltd may decide to sell its stake in Bank International Indonesia (BII), Indonesia's sixth-largest bank, instead of merging it with PT Bank Danamon Indonesia, the Asian Wall Street Journal reported Monday, citing unnamed sources.

The divestment could fetch 700 million US dollars based on BII's current market valuation, the newspaper was quoted by Thomson Financial as saying.

Among potential buyers are cash-rich Chinese banks, which are eager to expand into emerging markets, the sources said. China's biggest lender, Industrial & Commercial Bank of China, purchased a 90 percent stake in PT Bank Halim, a small Indonesian bank, in December 2006.

Another Indonesian bank, Bank Mandiri, has reportedly expressed interest to buy Temasek's stake in BII but Bank Mandiri denied the report.

Temasek, through Fullerton Financial Holdings (FFH), holds a 75 percent stake in the Sorak Consortium, which in turn owns 56.13 percent of BII shares. South Korea's Kookmin Bank owns the remaining 25 percent stake in Sorak.

Temasek also controls PT Bank Danamon through FFH. (*)



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