Bank Mandiri to Divest All Shares in MAGI

By Editorial Team 20/08/2019
Summary

PT Bank Mandiri Tbk plans to sell shares in PT Mandiri AXA General Insurance (MAGI), targeting to divest the entire 20 percent ownership by next year. The state-owned lender took such action due to MAGI’s unsatisfactory performance.

Bank Mandiri Finance Strategy Senior Vice President Elmamber Sinaga asserted that MAGI had scooped a net profit in the first half of 2019, although he didn’t mention the details. However, MAGI's return of equity (ROE), which is only around two percent, is far below Bank Mandiri, which reaches above 12 percent.

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