Axa Mandiri Headquarters in Jakarta - Photo by the company
JAKARTA (TheInsiderStories) – The largest bank in Indonesia, PT Bank Mandiri Tbk (IDX: BMRI) sold 40 percent of PT Mandiri AXA General Insurance (MAGI) shares to AXA Asia.
With the sale, the company’s ownership shrank to 20 percent. Bank Mandiri still control the company even though owned the minority shares.

In a disclosure at Indonesia Stock Exchange on Friday (11/23), the lender said shares purchased agreement has been signed on Oct. 21. With this sale, AXA Asia now has 552,000 shares of MAGI, or 80 percent of the total shares of the company.

MAGI was established in 2011 jointly by Bank Mandiri and AXA Asia. At present, the AXA Mandiri general insurance business has five branch offices, nine partner marketing and workshop offices in 88 cities in Indonesia.

The bank and AXA Asia do not only cooperate in the general insurance business, but also in the life insurance business through the establishment of PT AXA Mandiri Financial Services, after merged with PT AXA Life Indonesia.

Now, Bank Mandiri is the controlling shareholder in AXA Mandiri Financial Services with a 51 percent ownerships. In addition to Mandiri AXA General Insurance and AXA Mandiri Financial Services, the state-owned bank also becomes the controlling shareholder in PT Indonesian Inhealth Life Insurance.

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