BANKING - Maybank Syariah discusses merger with UUS BII

JAKARTA: PT Maybank Syariah Indonesia is now reviewing the possibility of merger with BII Sharia Business Unit (UUS BII) for efficiency reason. It is expected to realize the plan next year.

President and CEO of Maybank Dato' Sri Abdul Wahid Omar said today that the review is in process, particularly regarding laws and regulations.

"The option for consolidating Maybank Syariah and BII Sharia Business Unit does exist. We expect to finish the discussion in 2011," he said, today.

He confirmed the company is considering two options related to the consolidation plan. Firstly, UUS BII will take over Maybank BII Syariah. Secondly, UUS BII will be merged into the company. However, he admitted the company has not yet come up with the right mechanism.

If this merger is realized, then it may promote efficiency as both are under the same holding company.

Maybank Indocorp is a subsidiary of Malayan Banking Bhd (Maybank), which is also a controlling shareholder in Bank Internasional Indonesia (BII). Maybank holds 96.83% of Maybank Indocorp shares.

Maybank then controls 97.5% shares in BII, of which 54.33% is made by Sorak Financial Holdings Pte Ltd and the remaining of 43.19% is by Maybank Offshore Corporate Services (Labuan).(T03/NOM)

Source : http://www.bisnis.com/index.php/corporate/2383-maybank-syariah-discusses-merger-with-uus-bii - Dec 17, 2010