Mandiri Group Expands Collaboration with ReINDO

Jakarta, June 25, 2014 - PT Bank Mandiri and PT Reasuransi Internasional Indonesia (ReINDO) have agreed jointly expand their businesses collaboration. As part of the collaboration, Bank Mandiri will provide payroll, consumer loan, separation pay, motor vehicle financing, health insurance and mutual fund services to ReINDO employees.

Bank Mandiri's subsidiaries are also covered by the deal, including Mandiri Investasi, Mandiri DPLK, Mandiri Tunas Finance (MTF), Mandiri AXA General Insurance (MAGI), dan InHealth.

The memorandum of understanding on the collaboration was signed by Bank Mandiri Director Abdul Rachman and the directors of Bank Mandiri subsidiaries, and ReINDO CEO Didiet S. Pamungkas at Plaza Mandiri in Jakarta on Wednesday (June 25).

Abdul Rachman said that the collaboration for the provision of financial services was part of Mandiri's support for ReINDO in managing its business efficiently. He said that two Bank Mandiri subsidiaries, Mandiri AXA General Insurance namely (MAGI) and AXA Mandiri Financial Services (AMFS), had already been working together with ReINDO in the reinsurance field. This latest development would further expand ReINDO's share of MAGI and AMFS's reinsurance business.

"In addition, through the involvement of the bank subsidiaries in this collaborative arrangement, we want to help ReINDO employees better manage their financial affairs so that they can realize their goals," Abdul Rachman said.

The business synergies created by the arrangement, Abdul Rachman continued, will also contribute added value to the national economy.

ReINDO CEO Didiet S. Pamungkas said that the collaboration represented the creation of further synergies between SOEs so as maximize reinsurance premiums from the banking sector.

"The sizeable insurance business potential of the Mandiri Group will contribute even higher reinsurance premiums to ReINDO. This is in line with the country's efforts to reduce the balance of payments deficit in the reinsurance sector," Didiet said.


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