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Mandiri overtakes BRI to become country's largest bank
Bank Mandiri has become the largest lender in Indonesia after incorporating the assets of Bank Syariah Indonesia.
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Banking solutions: State-owned Bank Mandiri helps businesses face the current challenging times through online banking solutions. (Courtesy of Bank Mandiri)
State-owned publicly listed Bank Mandiri has become the largest lender in Indonesia after booking double-digit asset growth, overtaking state-owned publicly listed Bank Rakyat Indonesia (BRI).
Assets of Bank Mandiri totaled Rp 1.58 quadrillion (US$110.56 billion) in March, up 20 percent from a year earlier, according to a press release from the lender, which is traded on the local bourse under the ticker symbol BMRI. The growth was largely a result of the consolidation of the newly-established Bank Syariah Indonesia (BSI).
“This significant asset growth is supported mainly by the successful merger of Bank Mandiri Syariah and two sharia bank subsidiaries of other state-owned banks to form Bank Syariah Indonesia and become a subsidiary of Bank Mandiri,” Bank Mandiri president director Darmawan Junaidi was quoted in the release as saying in late April.
With assets totaling Rp 1.41 quadrillion, BRI now finds itself in second place, ahead of Bank Central Asia (BCA), Bank Negara Indonesia (BNI) and Bank Tabungan Negara (BTN).
BRI, whose stock is identified by the ticker symbol BBRI, had overtaken Bank Mandiri as the country’s largest bank in terms of assets in 2017 and had maintained the lead until this year. BCA, the largest private lender, which is traded under the ticker symbol BBCA, has remained in third place for at least five years, followed by BNI and BTN.
