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Temasek may sell
stake in Indonesian bank
Reuters
25
Feb
08
http://economictimes.indiatimes.com/Global_Markets/Temasek...
Singapore
state investor Temasek is close to a decision to sell its stake
in Indonesia's sixth-biggest lender Bank Internasional Indonesia
Tbk in a deal estimated to be worth more than $700 million, a
newspaper reported on Monday.
Citing unidentified people
familiar with the situation, the newspaper said Temasek was
looking at starting the sale process.
Potential bidders
for Temasek's stake include cash-rich Chinese banks, it said,
adding that Industrial and Commercial Bank of China, China's
biggest bank, had purchased a 90 per cent stake in Indonesia's PT
Bank Halim in December 2006.
The state investor's move is
driven by Indonesia's central bank policy of prohibiting foreign
investors from owning a controlling stake in more than one
Indonesian lender, the Journal said.
Temasek, which is
headed by the wife of Singapore's prime minister, owns its
holding in Bank International Indonesia through its 75-per cent
stake in Singapore-based Sorak Financial, which controls 55.85
per cent of the Indonesian bank, according to the lender's Web
site.
Apart from Bank Internasional Indonesia, Temasek
also controls a stake in Indonesia's fifth-largest lender PT Bank
Danamon Tbk.
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