Maybank optimistic of maintaining BII stake (1155)

KUALA LUMPUR: Malayan Banking Bhd (Maybank)
is optimistic of maintaining its stake in Bank Internasional Indonesia
(BII), in respect of Bank Indonesia's new shareholding requirement for
commercial banks in that country.
President and Chief Executive Officer Datuk Seri Abdul Wahid Omar said Maybank was engaged in talks with the Central Bank on the matter and welcomed more clarity to be provided by the guidelines.
"Under
the guidelines, those banks which are already major shareholders of
existing banks in Indonesia and have maintained good corporate
governance, are allowed to continue to hold the shares.
"We should qualify for the waiver," he told reporters after the signing of an agreement between Maybank and Legoland Malaysia (Legoland) today.
"We
welcome the guidelines that have been issued and its good that the
ruling will not be made retrospective. I think basically we are happy
to be able to keep our stake at the BII," he added.
Maybank owns a 97.52 per cent stake in BII.
Last
week, Bank Indonesia set ownership limits in local banks at a maximum
of 40 per cent, aimed at ensuring the financial health of majority
owners, after a slew of bankruptcies in the 1998 financial crisis.
Under
the rules, Bank Indonesia said it would approve higher levels of
ownership if the owners were listed banks with strong financial health,
including with tier 1 capital above six per cent.
"Banks can own
more than 40 per cent shares in (local) banks' capital as long as they
obtain approval from Bank Indonesia," the central bank said in the
ruling.
Eight of Indonesia's top 11 banks by market value are
either controlled by foreign banks, business families, private equity
firms or wealth funds.
Meanwhile, the signing of the agreement
today, paves the way for Maybank to establish a five-year partnership
as the official retail bank for Legoland Malaysia.
Commenting on
the partnership, Abdul Wahid said Maybank would be the sole provider of
retail banking services within Legoland, as well as the upcoming
Legoland Malaysia Water Theme Park and Legoland Hotel.
"This
partnership will enable Maybank to tap into the country's growing
tourism market as well as build its presence to an international
audience," he added.
Legoland General Manager Sigfried Boerst,
said he expects in the first four years of operations, over a million
people to visit the Legoland Malaysia, adding, some 45,000 annual
passes had been sold to date.
Legoland Malaysia, the first of
its kind in Asia, will be open to the public on Sept 15 and features
seven themed areas, with more than 40 interactive rides, shows and
attraction. - Bernama