Bank Mandiri Divested AXA Insurance Indonesia

PT Bank Mandiri Tbk has divested its share ownership in PT AXA Insurance Indonesia. The bank with the golden ribbon logo has released 20% of its shares in the insurance company formerly known as PT M
andiri AXA General Insurance.

The remaining 138,000 shares owned by Bank Mandiri were released to two shareholders, Anil Panjwani and Manoj Ramkrashin Tolani. Each received 69,000 shares or about 10% of the placed and paid-up capital of AXA Insurance Indonesia.

After the share transfer, the company no longer owns shares in AXA Insurance Indonesia. This divestment step is part of Bank Mandiri's strategy to strengthen the conFor information, Bank Mandiri had previously reduced its share ownership in the insurance company. In November 2018, Bank Mandiri had released 40% of its share ownership.

Despite this divestment transaction - it would not end the bancassurance cooperation with AXA Insurance Indonesia. In addition, it also has no impact on cooperation with other AXA Group companies, PT AXA Mandiri Financial Services in the Bank Mandiri Group.