Malaysia's largest lender Maybank has sealed a controlling stake in Indonesia's Bank Internasional Indonesia (BII) following a discount from its shareholders, Maybank said in a statement.

It paid RM4.26 billion for a 56 percent stake after a RM759 million discount from Singapore's state-linked investment firm Temasek and South Korea's Kookmin Bank, which own the shares through a holding firm.

Maybank said in March it would buy the 56 percent stake in BII for US$1.5 billion and would offer another US$1.2 billion for the rest of the company, valuing the deal at a total US$2.7 billion.

But the price was reduced after Malaysia's central bank - which regulates financial institutions - said the original price was too high.

With the discount, the price for the 56 percent holding has been cut to 433 rupiah per share but the tender offer for the remaining BII shares will be maintained at 510 rupiah per share.

Maybank president and chief executive officer Abdul Wahid Omar said in a statement: "It has been an intensive process to bring this transaction to a close but we are happy that we have all now come to agreement.

"This acquisition expands our presence in Indonesia which we have always recognised as a key market for us."

- AFP