Company: Bank Mandiri Persero Tbk PT
Brand value: US$6,153 million
Headquarter city: Jakarta
Year formed: 1998
Industry newcomer encourages cashless transactions
Bank Mandiri was formed by the merger of four state-owned banks during post-crash restructuring of the financial sector in the late 1990s. Since then it has become one of the country’s leading financial institutions, with a focus on commercial banking. It is an enthusiastic proponent of the cashless society, and is one of the partner banks linked to the e-toll pass programme on Jakarta’s public transport system. Bank Mandiri has linked up with mobile phone networks Telkomsel, XL and Indosat to improve access to financial services and encourage cashless transactions. Its Mobil Mitra Usaha (MobilMU) programme is designed to help micro-businesses open accounts, deposit savings, and apply for loans.
Mandiri works to encourage young entrepreneurs through business development schemes in universities. It has recently extended the service to Islamic boarding schools, known as pesantren. Bank Mandiri was listed on the Indonesia Stock Exchange in 2003. Its international operations cover Singapore, Hong Kong, the Cayman Islands, Timor-Leste, Shanghai and London.