Malaysia's state investment arm Khazanah Nasional said Thursday it had completed the acquisition of a 52.05 percent stake in neighbouring Indonesia's Bank Lippo for about US$327 million.

Khazanah said in a statement that its wholly-owned subsidiary, Amsterdam-based Santubong Investments, bought the stake from the Swissasia Global consortium for approximately 3.30 trillion rupiah.

"With the 52.05 percent stake, Santubong is now the new controlling shareholder" of Bank Lippo, said the statement.

Swissasia paid 1.2 trillion rupiah for the stake from the now-defunct Indonesian Bank Restructuring Agency in 2003.

Takeover approved

Santubong earlier said it had launched a tender offer to acquire a further 42.07 percent stake or 1.65 billion shares in Bank Lippo at 1,620 rupiah each.

Indonesia's Bank Lippo shareholders approved Khazanah's takeover in August after the plans were announced a month earlier.

Bank Lippo has access to over 2.8 million customers and a strong track record of customer service and innovation, Khazanah has said previously.

The bank is listed on the Jakarta Stock Exchange and is Indonesia's ninth largest bank in terms of assets as of December 2004.