Jakarta. Bank Maybank Indonesia, the local unit of Malaysian banking giant Maybank Group, sold its entire stake in automotive financing company Wahana Ottomitra Multiartha, or WOM Finance, to financial services company Reliance Capital Management for Rp 673.8 billion ($50.8 million), the lender said on Thursday (12/01).

Analysts see the divestment is part of the company's strategy to re-profile and re-align its business.

Bank Maybank, previously known as Bank Internasional Indonesia, has agreed to sell its 68.55 percent holding – equal to 2.38 billion shares – in Wahana at Rp 282 a piece, according to the conditional shares purchase agreement signed on Wednesday.

Bank Maybank expects to wrap up the share sale in the third quarter of this year.

"The purchase agreement will cause control of WOM Finance to shift to Reliance Capital Management from Maybank Indonesia," the lender said in a filing to the Indonesia Stock Exchange (IDX) on Thursday.

Wahana is listed on the IDX under the WOMF stock ticker symbol.

Maybank Indonesia said the fresh funds it will secure from the divestment will strengthen its capital level, thus help fund its lending expansion.

Maybank Indonesia, the 10th biggest lender in Indonesia by assets, recorded a consolidated capital adequacy ratio of 17.65 percent as of the end of September last year, compared to 14.6 percent in the same period in 2015.

NH Korindo Securities analyst Bima Setiaji said the divestment will strengthen Maybank's capital and help the lender to re-profile and re-align its loan portfolio.

"This corporate action will benefit Maybank the most as the lender will receive the cash funds from the acquisition," Bima said.

Bank Maybank Indonesia's share price surged 9.25 percent to Rp 378 on Thursday, while WOM Finance soared by 34.69 percent to Rp 198.

Bima said the acquisition is also good for WOM as it will strengthen cooperation with Reliance Finance, the financing unit of Reliance Group.

WOM Finance provides automotive financing for customers to buy new and used motorcycles from automotive brand giants such as Yamaha, Suzuki and Honda.

"This acquisition will complement Reliance Group's business, especially in motorcycle and multipurpose financing," Reliance Group president director and founder Anton Budidjaja said. He added that the acquisition was also part of the company's strategy to tap Indonesia's middle-to-lower income markets.