Maybank is required by the Indonesian capital market regulator Bapepam-LK to sell down its stake in BII to at least 80 percent from 97 percent currently. It has so far managed to sell 0.5 percent of its stake in the open market.

"We're not going to sell down if we're going to make a loss compared to what we thought it should be," said Tan Sri Dato' Megat Zaharuddin bin Megat Mohd Nor, Maybank's chairman.

"We believe that at the right price people will buy the future growth .... We don't think we need to give discount," he told Reuters.

Zaharuddin, which is also BII's president commissioner, said the bank will not sell BII's stake below 510 rupiah per share, the price it paid to buy the bank in 2008.

Maybank "will look for appropriate shareholders" to buy part of the 20 percent stake it needs to sell, Zaharuddin said.

BII on Monday changed its name to PT Bank Maybank Indonesia, subject to approval from the central bank and the government.