Abu Dhabi's largest Islamic bank is in talks to buy a minority stake valued at around $1.1 billion in Indonesia's top Islamic lender, Bank Syariah Indonesia, two sources told Reuters, with an aim to tap into a fast-growing market in Southeast Asia.
The potential acquisition of a 15% stake in Bank Syariah Indonesia (BRIS.JK), opens new tab (BSI) from Bank Rakyat Indonesia (BRI) (BBRI.JK), opens new tab is one of the options that Abu Dhabi Islamic Bank (ADIB) (ADIB.AD), opens new tab is considering, said the two sources.
The sources, who have knowledge of the matter, declined to be named as they were not authorised to speak to the media.
ADIB said after the publication of the Reuters report that it "strongly denies" being in any negotiations to acquire a stake in BSI. Before publication, it had declined to comment.
ADIB shares ended down 5.7% on Wednesday after the report.
BRI did not respond to a Reuters request for comment.
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