S&P may upgrade Bank Internasional Indonesia

Standard & Poor's said it placed all its ratings on PT Bank Internasional Indonesia Tbk, including its B+ long-term and B short-term counterparty credit ratings, on CreditWatch with positive implications following the announcement that Malayan Banking Bhd. (Maybank, A-/positive/A-2) will acquire a controlling stake of 56% in Bank Internasional Indonesia for $1.5 billion and will launch a tender offer for the remaining 44% for about $1.2 billion.

The agency said it expects Bank Internasional Indonesia to become a significant entity of the Maybank Group as Indonesia will become Maybank's second-largest overseas presence, after Singapore.

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