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Malaysia's Khazanah to decide on Indonesian bank stakes this month - report
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KUALA LUMPUR (Thomson Financial) - Malaysia's state investment agency
Khazanah Nasional Bhd will decide on its ownership in two Indonesian banks this
month after Jakarta banned foreigners from owning stakes in more than one bank,
government news agency Bernama reported Thursday.
Khazanah owns Indonesia's PT Bank Lippo. It also controls PT Bank Niaga via
its unit Bumiputra-Commerce Holdings Bhd, Malaysia's second largest bank.
Bank Indonesia, Indonesia's central bank, has asked Khazanah to submit a
proposal aimed at resolving the shareholding issue by December 31. The new
ruling takes effect in 2010.
'We would be making an announcement with Khazanah within the next three
weeks,' said Nazir Razak, chief executive officer of Bumiputra-Commerce.
He did not elaborate.
To comply with the shareholding requirement, Khazanah may have to divest its
stake in one of the banks or merge the two banks.
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