Bank Mandiri to finalize insurance take over

JAKARTA: PT Bank Mandiri (Persero) Tbk will finalize the acquisition of general insurance company in next year, after the rights issue completed.
Wandrik Panca Adiguna | 08 Desember 2010 12:49 WIB

JAKARTA: PT Bank Mandiri (Persero) Tbk will finalize the acquisition of general insurance company in next year, after the rights issue completed.

The acquisitions of general insurance is a strategy that will be pursued the state-owned bank to expand its business portfolio, besides in insurance business. Mandiri also targets to acquire a bank.President director of Bank Mandiri Zulkifli Zaini said the bank is now doing a due diligence on the insurance company that will be acquired."We are now still reviewing an insurance company that will be acquired and the name already exsisted. However we can not mention the name," Zulkifli said,today.Based on the data compiled by Bisnis, Bank Mandiri is now reviewing to acquire Asuransi Parolamas. The bank is one of the prospective investors to acquire a majority stake of PT Asuransi Parolamas which mentioned in the negotiation process.According to the Government Regulation no. 81/2008 on the Implementation of Business Insurance, insurance companies have to meet a minimum capital of IDR40 billion in 2010, IDR70 billion in 2012 and IDRlOO billionin 2014.Parolamas is an insurance company established since 1964, with total assets as of 2009 as much as IDRl25.99 billion, the gross premium of IDRll8.16 billionand company profit of IDR14 billion.(t03/wiw)

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