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Malaysia's Maybank shares soar on BII news

Tue Jul 29, 2008 9:11pm EDT

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KUALA LUMPUR, July 30 (Reuters) - Shares of Malaysia's biggest lender, Maybank (MBBM.KL), rose sharply on Wednesday after it said the central bank had revoked approval for it to take over Bank Internasional Indonesia (BII) (BNII.JK).

By 0102 GMT, shares of Malayan Banking Berhad, or Maybank, were up 6.0 percent at 8.0 ringgit ($2.45). The stock had opened at 7.80 ringgit.

Maybank in March agreed to buy a 55.5 percent stake in BII from Temasek and South Korea's Kookmin Bank 060000.KS for $2.7 billion. But the deal drew a strong criticism from Malaysian lawmakers, saying that Maybank was paying too much for the stake. ($1=3.262 Malaysian Ringgit) (Reporting by Jalil Hamid; Editing by Clarence Fernandez)



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