JAKARTA-
Indonesia's PT Bank Mandiri (JSX:BMRI) said it is set to have controlling stake in life insurance company PT Axa Mandiri Financial Service (AMFS), it owns jointly with a French partner.
The state bank and the country's largest lender in assets, owns 49 per cent of Axa Mandiri and France's AXA holds the majority 51 per cent share.
Agus Martowardojo, the president of Bank Mandiri said the bank wants to acquire at least a 2 per cent stake from the AXA group, adding the acquisition process is expected to be completed before the end of this year.
AXA Mandiri has succeeded in banc-assurance business and grown to rank among three largest in life insurance market share in less than two years after its operation in the country. (28th September 2009)
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