Bank Mandiri, Pos Indonesia and Taspen Form Joint Venture Bank

Jakarta, 21 August 2014 - Bank Mandiri, PT Pos Indonesia, and Taspen have realized their plan to establish a joint venture bank, with Bank Sinar Harapan Bali (BSHB) serving as the vehicle through which the venture will be pursued.

The shareholders agreement to establish the JV bank was signed by Taspen CEO Iqbal Latanro, Bank Mandiri CEO Budi Gunadi Sadikin and PT Pos Indonesia (Persero) CEO Budi Setiawan. The signing ceremony was witnessed by State Enterprises Minister Dahlan Iskan in Jakarta on Thursday (21 Aug).

In April 2013, Bank Mandiri, Taspen and PT Pos Indonesia signed an agreement to establish a joint venture bank, as part of which Bank Mandiri would be the majority shareholder, while Pos Indonesia and Taspen would each own 20.2%.

Bank Mandiri CEO Budi Gunadi Sadikin said that the setting up of the joint venture would help expand access to financial services in Indonesia. Moreover, he said, the bank will focus on developing the micro, small and medium enterprise (MSME) sector so as to boost overall national economic growth.

"Through this joint venture bank, we also want to increase the role we play in supporting the government and Bank Indonesia in providing broader access to financial services for people in all parts of Indonesia," Budi Sadikin said.

Taspen CEO Iqbal Latanro said that studies conducted prior to the establishment of the joint venture bank showed that most retirees still need financing to set up businesses so as boost their incomes and help fund the education of their children.

"We hope that with the forging of synergies between these state-owned enterprises, retirees will obtain greater and easier access to low-cost funding," Iqbal said.

In addition to providing loans to retirees, the joint venture bank will also extend financing to serving civil servants. For example, according to the Official Statistics Bulletin issued by the Central Statistics Agency (BPS) on 5 May 2014, of Indonesia's total working population of 118.2 million people in February 2014, some 4.4 million were civil servants.

Pos Indonesia CEO Budi Setiawan said that PT Pos currently handled pension payments to some 700 thousand retirees, and so would be ideally placed to boost the growth of new JV bank's loan portfolio. PT Pos' extensive network of post offices, he said, is still very popular among retirees, which would enhance the market penetration of the JV bank.

"Through this partnership, people in various parts of Indonesia will be able to better access banking products and services," Budi Setiawan said.

About PT Bank Mandiri (Persero) Tbk
Bank Mandiri is the largest Bank in Indonesia, providing services in the corporate, commercial, micro & retail, consumer finance and treasury, and financial institutions & special asset management segments. The Bank's subsidiaries are Mandiri Sekuritas (capital markets), Bank Syariah Mandiri (Shariah banking), AXA-Mandiri Financial Services (life insurance), Bank Sinar Harapan Bali (micro, small, and medium enterprise sector), Mandiri Tunas Finance (financing), Mandiri Axa General Insurance (general insurance) and Inhealth Indonesia (life and health insurance).

As of the end of June 2014, Bank Mandiri employed 34,442 staff, and operated 2,087 branches in Indonesia, and 7 branches/representative offices/subsidiaries overseas. The Bank has 11,604 ATMs (connected to the ATM Link, ATM Bersama, ATM Prima dan Visa/Plus networks), and 250,043 Electronic Data Capture machines, in addition to offering a range of other electronic channels, including Internet Banking, SMS Banking and call-center services.

About PT Taspen (Persero)

PT Taspen (Persero) is a state enterprise (SOE) that has been assigned by the government to run two types of program for civil servants -- the THT program and the Retirement Program - based on Government Regulation No. 25 of 1981 and Government Regulation No. 26 of 1981. Taspen now has 6,848,725 members, consisting of 4,557,524 active participants and 2,291,201 retirees. It operates 6 main branch offices, 39 branch offices and 3 sub-offices, and employees 1,943 People.

In operating the THT and Pension Programs, Taspen works closely with a number of payment partners (banks and PT Pos Indonesia) to provide a total of 11,360 service points nationwide.

About PT Pos Indonesia (Persero)

PT Pos Indonesia (Persero) is a state enterprise (SOE) that provides postal services. In addition to its nationwide mail delivery service, Pos Indonesia also provides international mail services. The company has become increasingly diversified in recent years, and no longer just provides mail services, but also financial and other services, such as remittance services. Customers can also pay their electricity, water, and telephone bills through the Pos Indonesia network. The various facilities offered by Pos Indonesia are part of the company's strategy for meeting the needs of its customers. Now, PT Pos Indonesia is becoming a trusted national network company.

Pos Indonesia Is The Network Company. Pos Indonesia has shown its creativity and now has a very extensive network of more than 3,800 post offices throughout the country, 3,726 of which are online. Meanwhile, the number of service or sales points currently stands at 24,410, made up of post offices, postal agencies / agents, mobile post offices in urban and rural areas, school post offices, mall-based post offices, etc. With this vast network, the Post Office can serve as a strategic medium for selling or distributing goods and services. We offer a dedicated network, distribution system, Track & Trace, prime services, speed and accuracy, and competitive pricing. Currently, Pos Indonesia is developing an e-commerce operation known as Plazapos.com. Plazapos.com is the only e-commerce service that integrates the power of collection and delivery under one management -- PT Pos Indonesia (Persero). With 3,726 post offices online throughout Indonesia, plazapos.com will allow people in even the remotest areas though to purchase what they want by simply visiting their nearest Post Office, where they can place their orders and pay at the same time. The items they order will later be delivered to their doorsteps by the post office. As for consumer choice, we have teamed up with a Singaporean retailer that stocks 2 million different items. As part of the arrangement, our Singaporean partner will be required to work closely with local companies here in Indonesia.


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