Mandiri gets majority stake in new Indonesian lender

A new lender will be created by two Indonesian companies this year.

Postal service provider Pos Indonesia and state pension fund company Taspen plan to set up the joint venture, with Mandiri joining the partnership.

The president director of Bank Mandiri, Zulkifli Zaini, said over the weekend that the Jakarta-based Mandiri will become a majority shareholder in the lender-to-be.

It would be just the latest acquisition for Mandiri, a lender with assets of more than Rp 400 trillion ($41.5 billion) and several units including Bank Syariah Mandiri, Bank Sinar Harapan Bali, Mandiri Sekuritas and Mandiri Tunas Finance.

The new lender will add to the ranks of 120 commercial lenders currently operating in Indonesia.

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