Mandiri merges subsidiaries

Mandiri merges subsidiaries

JAKARTA (JP): State Bank Mandiri signed here on Monday a legal
document for the merger of its three securities companies into a
single business entity.

The bank said PT Bumi Daya Securities, formerly operated by
Bank Bumi Daya, and PT Exim Securities, formerly owned by Bank
Expor Import Indonesia, would be incorporated into PT Merincorp
Securities Indonesia under the bank's new business structure.

Merincorp Securities will eventually be renamed PT Mandiri
Sekuritas and will handle all the bank's securities business, the
statement said.

Mandiri Sekuritas, with a paid-up capital of Rp 140 billion
(US$16.5 million), is 30.64 percent owned by Bank Mandiri, with
the other 69.36 percent owned by the bank's fund management
company PT Pengelola Investama Mandiri.

Bank Mandiri was formed in August through the merger of four
ailing state banks -- Bank Expor Impor Indonesia, Bank Dagang
Negara, Bank Bumi Daya and Bank Pembangunan Indonesia. (hen)