Apr 5, 2011

Bank Mandiri to buy Asuransi Dharma

The state-owned lender PT Bank Mandiri today announced acquisition on PT Asuransi Dharma Bangsa (ADB) in a bid to form a general insurance company which enables to tap growing business of general insurance.
Bank Mandiri and AXA S.A., another shareholder in ADB, are keen to participate a capital enlargement. As a result, the capital raising will change the controlling shareholder in ADB in which Bank Mandiri to control 60% shareholding of enlarged capital.
AXA will own the remaining stake in ADB. The insurance company will have capital paid in of Rp100 billion.

Disclosure: No position at the stock mentioned above. 

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