Tuesday, October 5, 2010

Bank Mandiri acquire Asuransi Parolamas

PT Bank Mandiri Tbk, Indonesian largest lender, negotiating to acquire PT Asuransi Parolamas, general insurance company. PT Asuransi Parolamas was established on 23 March 1964 based on Notary Act No 66 issued by Julian Nimrod Siregar SH Its basic capital was IDR10 million.
On February last year, Bank Mandiri has taken over 51% of Financindo Tunas Sarana shares from Tunas Ridean at IDR290 billion.
On August, Bank Mandiri has formally become the majority shareholder of life insurance firm AXA Mandiri Financial Services after buying additional 2 percent shares from National Mutual International Pty Ltd (NMI), a unit of the world’s biggest insurance firm AXA Group.
With the share purchase, Mandiri ownership in AXA Mandiri rose to 51 percent from the previous 49 percent. NMI, a wholly owned subsidiary of AXA Asia Pacific Holdings Ltd, now owns 49 percent shares of AXA Mandiri.
AXA Mandiri, founded in November 2003 as a joint venture between state-owned Bank Mandiri and Australia-based NMI, is a life insurance firm established based on the Australian legal basis.

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