Mandiri is now the majority stakeholder of AXA

51% of AXA Mandiri is now lender's subsidiary after buying additional 2 shares from NMI.

The country’s largest lender 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, Inkawan D. Jusi, Bank Mandiri’s senior vice president of wealth management, said in Jakarta on Monday.

“Bank Mandiri has four main businesses: Banking, insurance, micro and financing. We believe in the importance of a full commitment to each sector and therefore acquired core stakes in order to become the majority shareholder,” he told The Jakarta Post.

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.

“Both parties signed a share sale and purchase agreement in December last year that allows Bank Mandiri to buy 2 percent shares of AXA Mandiri from NMI,” Bank Mandiri said in a statement.

View the full story in the Jakarta Post