Maybank Indonesia Established As Financial Conglomerate Holding Company

By Nik Nurfaqih Nik Wil

JAKARTA, June 30 (Bernama) -- Maybank Indonesia's shareholders have approved the bank's establishment as the operational holding company of the Maybank Financial Conglomerate in Indonesia.

In a statement, the bank said the approval was granted at its extraordinary general meeting of shareholders on Monday. Shareholders also approved the acquisition of majority stakes in Maybank Asset Management, Maybank Sekuritas Indonesia and Asuransi Etiqa Internasional Indonesia.

Maybank president and group chief executive officer Datuk Seri Khairussaleh Ramli said the establishment of Maybank Indonesia as the Financial Conglomeration Holding Company marked an important milestone in advancing the Maybank Group's ROAR30 strategy while strengthening its position as a leading financial services group in ASEAN.

Khairussaleh, who also serves as president commissioner of Maybank Indonesia, said the new structure would strengthen the group's ability to serve customers in Indonesia through a more integrated financial services ecosystem.

"By bringing together our banking, wealth management, securities and insurance businesses, we will be better positioned to deliver seamless and customer-centric financial solutions that meet the evolving needs of individuals and businesses across Indonesia," he said.

The bank said the approval represented a key step in strengthening Maybank Indonesia's financial services ecosystem in line with Indonesia's Financial Services Authority (OJK) Regulation No. 30 of 2024 on Financial Conglomerates and Financial Conglomeration Holding Companies.

Maybank Indonesia president director Steffano Ridwan said the new structure was more than a corporate reorganisation.

"We would like to thank OJK for its guidance and support throughout this process. This Financial Conglomerate strengthens our ability to generate greater synergies across the group's entities, accelerate innovation and drive sustainable growth, while creating long-term value for all stakeholders in line with our Humanising Financial Services mission," he said.

Upon completion of the share acquisitions, the Maybank Financial Conglomerate in Indonesia will comprise Maybank Indonesia as the Financial Conglomeration Holding Company, alongside Maybank Sekuritas Indonesia, Maybank Asset Management, Asuransi Etiqa Internasional Indonesia, Maybank Indonesia Finance and Wahana Ottomitra Multiartha Tbk (WOM Finance).

The bank said shareholders also approved amendments to its Articles of Association to support the new structure and ensure compliance with OJK Regulation No. 30 of 2024.

Separately, shareholders approved the resignation of Effendi as Maybank Indonesia's Director of Risk Management. Steffano thanked him for his dedication, hard work and valuable contributions during his tenure with the bank.

-- BERNAMA