Danantara Acquires State-Owned Banks' Investment Managers, Valued at Over Rp 2 Trillion

Jakarta, CNBC Indonesia — The government through PT Danantara Asset Management (DAM) has officially taken over all investment management companies owned by major state-owned banks, namely Bank Mandiri, Bank Rakyat Indonesia (BRI), and Bank Negara Indonesia (BNI). This step marks a major consolidation of the asset management industry under single control.

Based on disclosures from each issuer, the takeover was carried out through a series of affiliate transactions signed on 1 April 2026. From Bank Mandiri’s side, DAM acquired nearly all shares of PT Mandiri Manajemen Investasi (MMI) at 99.93% with a transaction value of around Rp1.02 trillion.

Meanwhile, from BNI, PT BNI Sekuritas (BNIS) released 99.9% of shares in PT BNI Asset Management (BNI AM) to DAM, valued at Rp359.64 billion. From BRI, two investment management entities were also included in the consolidation, namely PT BRI Manajemen Investasi (BRI MI) with a 65% stake valued at Rp975 billion and PT PNM Investment Management (PNM IM) which was taken over almost entirely at 99.999% with a value of Rp345 billion.

Thus, all investment management business lines owned by state-owned banks are now consolidated under Danantara. Structurally, this transaction is classified as an affiliate transaction because all parties remain within the same ecosystem, namely the Government of the Republic of Indonesia.

Although involving jumbo transaction values, all these corporate actions are not categorised as material transactions because their value is relatively small compared to the total equity of each bank.