Malaysia's top lender Maybank on Monday met with Indonesia's capital market watchdog following its stalled plan to gain control of Bank Internasional Indonesia (BII), officials said.
Maybank Chief Executive Abdul Wahid Omar, who is keen to push for the acquisition following endorsement from both his company's board and shareholders, said after the meeting that the Malaysian bank was "looking for various options."
He declined to give further comment. "They are looking for the best solutions so that this transaction will go ahead. Bapepam LK cannot yet make any comments at this stage," Fuad Rahmany, the head of Indonesia's market watachdog, Bapepam, told reporters.
Malaysia's central bank revoked last month its approval of the $2.7 billion deal as it was concerned a new Indonesian take-over rule could lead to material losses for Maybank. The rules require Maybank to cut its stake in BII by 20 percent in two years after the take-over.
Wahid had been expected to lobby for Bapepam to give the Malaysian bank a longer period of up to five years to comply with the rules, something the Indonesian regulator has hinted it may be willing to do. Maybank shares sold off heavily when the acquisition was announced in March as investors and analysts believed it was overpaying.