Backers of PT Bank Muamalat Looking for Exit

Top shareholders of Indonesia's PT Bank Muamalat are looking to sell at least a 51% stake in the unlisted Islamic lender, Reuters reported. A deal for the majority stake could reach about $300 million, Reuters said, adding that PT Bank Permata, a unit of Standard Chartered, Qatar Islamic Bank and OCBC are among the potential bidders. The three shareholders looking for a partial exits are Islamic Development Bank, Boubyan Bank Kuwait, and Saudi Arabia's Atwill Holdings Ltd., Reuters wrote. Combined, the three own 75.7% of the bank.

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