Maybank Indonesia begins operating as integrated financial group

JAKARTA: PT Bank Maybank Indonesia Tbk (Maybank Indonesia) has begun operating as an integrated financial group, bringing together its banking and other financial services under a single ecosystem.

The bank said the development followed the completion of its acquisition of shares in three financial services entities, namely Maybank Sekuritas Indonesia, Maybank Asset Management and Asuransi Etiqa Internasional Indonesia.

Its president director Steffano Ridwan said the start of operations as an integrated financial group marked an important step in strengthening Maybank's capabilities in Indonesia to serve and meet customers' financial needs.

"With a range of capabilities that are now increasingly integrated, customers can access a more complete range of Maybank financial solutions within a single ecosystem, from banking services, investment, wealth management and insurance to various non-bank financial solutions," he said in the statement.

The completion of the acquisitions follows shareholders' approval in June for Maybank Indonesia to become the Operational Financial Conglomeration Holding Company of the Maybank Financial Conglomerate in Indonesia and to acquire majority interests in the three entities.

Under the integrated structure approved by Indonesia's Financial Services Authority, the group now comprises Maybank Sekuritas Indonesia, Maybank Asset Management, Asuransi Etiqa, Maybank Finance and Wahana Ottomitra Multiartha (WOM Finance), alongside Maybank Indonesia.

On the benefits of the integration, Steffano said it would enable the bank and its member entities to further strengthen synergies and optimise their respective strengths and expertise in providing more comprehensive financial solutions, ultimately creating added value for customers and stakeholders.

Maybank Indonesia said the group is also supported by Maybank Group's regional connectivity, giving customers access to a broader and more connected range of financial solutions across the region.

The integration also forms part of Maybank Group's ROAR30 strategy to strengthen its position as a leading financial services group in Asean, while reaffirming its commitment to its Humanising Financial Services mission.