By Yantoultra Ngui

KUALA LUMPUR, Malaysia--Malayan Banking Bhd. (1155.KU), Malaysia's largest bank by assets, said Thursday its Indonesian unit had agreed to sell its entire 68.55% stake in WOM Finance to PT Reliance Capital Management for 229.08 million ringgit ($51.37 million).

The proposed sale, which is expected to be completed in the first quarter of this year, is part of Maybank Indonesia's initiative to maximize capital use and streamline customer segmentation, the bank said in a local stock-exchange filing. WOM Finance provides financing for new and used motorcycles.

Shares of Maybank were 0.1% higher at 8.31 ringgit ($1.86) a share at the midday break before the announcement. Shares of Jakarta-listed WOM Finance, formally known as PT Wahana Ottomitra Multiartha (WOMF.JK), were up 34.7% at 198 rupiah ($0.01).

Write to Yantoultra Ngui at yantoultra.ngui@wsj.com

(END) Dow Jones Newswires

January 12, 2017 01:02 ET (06:02 GMT)

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