PT Bank Mandiri plans to spend between 10 trillion Indonesian rupiah ($857.27 million) and 12 trillion Indonesian rupiah ($1.03 billion) to embark on inorganic growth, said Finance Director Pahala Mansyuri, adding that it will acquire a financial service firm with a focus on retail, according to newspaper reports.
Indonesia’s largest bank by assets has also won shareholders’ approval to buy 80 percent shares in health insurance firm InHealth worth 1.75 trillion Indonesian rupiah ($150.02 million), with the deal expected to be completed before end of this year, CEO Budi Sadikin added. (Investor Daily, Kontan)
Note: Reuters has not verified this story and does not vouch for its accuracy.
$1 = 11665.0000 Indonesian rupiahs Compiled by Jakarta Newsroom; Editing by Supriya Kurane