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)