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Jakarta Post

BRI eyes general insurer to boost financial services

  • Riska Rahman

    The Jakarta Post

Jakarta   /   Wed, January 9 2019   /  03:02 am

State-owned lender Bank Rakyat Indonesia (BRI), the country’s most profitable lender, is planning to acquire a general insurance company as part of its strategy to provide an integrated financial services solution to customers.The publicly listed bank had allocated Rp 1.5 trillion (US$105.6 million) in capital expenditure to finance the acquisition, said president director Suprajarto recently.“We already have other [financial services] businesses like securities and life insurance, so we want to complete our business with [acquiring] general insurance,” he said after an extraordinary general shareholders meeting in Jakarta.Suprajarto revealed that one general insurer had caught BRI’s attention among many prospective companies. However, he declined to specify which insurer it was.He said the bank was planning to complete the acquisition by the first half of this year, depending on...