PT Bank Mandiri (Persero) Tbk or Bank Mandiri or headquartered in Jakarta, is the largest bank in Indonesia in terms of assets, loans and deposits. [3] As of 2022, the total assets are 1.992 trillion Indonesian rupiah (approximately 133 billion USD). As of 2022, Bank Mandiri is the largest bank in Indonesia by total assets.

As of December 2022, the bank had 2,364 branches in three different time zones in Indonesia, seven branches abroad, approximately 13,027 automated teller machines (ATMs), and 11 subsidiaries, such as: Mandiri Sekuritas, Mandiri Tunas Finance, AXA Mandiri Financial Services, Bank Mandiri Taspen, and Mandiri AXA General Insurance.

History

Before the merger

The Mandiri Museum was the former Dutch East India headquarters of the Dutch Trade Association, which was nationalized after independence.

Former logo of Bank Mandiri, used until January 2008.

Second logo of Bank Mandiri, used from January 2008 to October 2016. Since October 2016, the "ribbon" logo has been flattened.

Bank Mandiri is the result of the Indonesian government's merger of four established state-owned banks that collapsed in 1998. The four banks are Bank Bumi Daya, Bank Dagang Negara, Bank Ekspor Impor Indonesia and Bank Pembangunan Indonesia. During the merger and restructuring period, the government reduced the number of branches by 194 and the number of employees from 26,600 to 17,620.

Bumi Daya Bank and Bank Ekspor Impor Indonesia had been merged by the Indonesian government under a guided democracy in 1965 to form the National Bank of Indonesia (BNI), 1968: The Indonesian government subsequently restructured the bank in 1968 with the establishment of the New Order government.

• Bumi Daya Bank (BBD) was established in 1959 when the government nationalized Nationale Handelsbank's operations in Indonesia as part of a boycott of Dutch companies from which the government created Bank Umum Negara ("National General Bank") as both countries were involved in a dispute in western New Guinea. In 1964, during Konfrontasi, the government nationalized Standard Chartered's operations in Indonesia and merged them into Bank Umum Negara; the British overseas bank first entered Indonesia in 1863 when it opened an agency in Batavia (now Jakarta). In 1965, the government merged Bank Umum Negara into BNI, renaming it National Bank of Indonesia IV (BNI IV), but in 1968, BNI IV again became an independent bank under the name Bank Bumi Daya.
• Bank Ekspor Impor Indonesia (BankExim, "Export Import Bank of Indonesia") was established in 1960, when the Indonesian government nationalized the operations of Nederlandsche Handel-Maatschappij in Indonesia. The bank was subsequently merged into BNI by the government in 1965 and became National Bank of Indonesia II (BNI II). In 1968, the government split BNI II in two. The BNI Unit II Import and Export Division was renamed BankExim, specializing in trade finance.
• Bank Dagang Negara (BDN, "National Trade Bank") was established in 1960 by the nationalization of Escomptobank. Escomptobank NV, formerly known as Nederlandsch Indische Escompto Maatschappij until 1949, was established in Batavia in 1857.
• Bank Pembangunan Indonesia (Bapindo, "Development Bank of Indonesia") originated from the National Industrial Bank (BIN, "National Industrial Bank"), which was established in 1951. The bank aims to provide funding for priority industries such as plantations, industry and mining. In 1960, the Indonesian government established Bapindo and incorporated BIN into it. Bapindo specializes in medium and long-term financing for manufacturing, tourism and transportation. In 1986, Bapindo expanded into general commercial banking.

Merger and subsequent history

In 1998, the government merged BBD, BDN, BankExim and Bapindo to form Bank Mandiri [5] to restructure some state-owned banks in response to the effects of the financial crisis at that time. Bank Mandiri was established on October 2, 1998, and the merged bank has been operating effectively as a single bank since July 31, 1999. The name Mandiri (which means "self-reliance" or "independence" in Indonesian) was coined by President BJ Habibie during his presidency with the hope that the bank would become a self-reliant bank and encourage people, especially those in need of microcredit, to become self-reliant as well.

In 2004, the bank opened a branch in Dili, East Timor, and a representative office in Shanghai, China.

Products

Personal Banking

1. Mandiri Savings:
2. Mandiri Current Account
3. Mandiri Deposit Mandiri Deposit
4. Mandiri Debit
5. Mandiri Prepayment
6. Mandiri Credit Card
7. Mandiri Consumer Loans
8. Mandiri Priority Services
9. Investment Products
10. Banking Insurance
11. Retail Brokerage Services
12. Consumer Banking Business Treasurer (CBT)

Subsidiary

International

• Bank Mandiri Singapore Branch, operating under a wholesale banking license issued by the Monetary Authority of Singapore
• Bank Mandiri Hong Kong Branch
• Bank Mandiri Cayman Islands Branch
• Bank Mandiri Dili Branch
• Bank Mandiri Shanghai Branch
• Bank Mandiri (Europe) Limited, located in London, United Kingdom. A subsidiary of PT Bank Mandiri (Persero) Tbk.

Principal

• Mandiri Sekuritas, PT Mandiri Sekuritas won 3 out of 9 awards (Marketing Net, Best Bond Issuer and Best Stock Exchange Member) at the 2011 Capital Markets Awards
• AXA Mandiri Financial Services
• Bank Sinar Harapan Bali (BSHB) (now Bank Mandiri Taspen or Bank Mantap)
• Mandiri Tuna Finance
• Mandiri Utama Finance
• > Mandiri AXA General Insurance
• Asuransi Jiwa InHealth Indonesia (now Mandiri InHealth)

Awards

According to the mystery shopper method done by investigators, the average value of Bank Mandiri in 2011 was 91.23%, the first time in 15 years that the bank achieved a return of more than 90%. Bank Mandiri has won the Excellent Service Award four times in a row and the Most Stable Bank two times.