Maybank Indonesia begins operating as integrated financial group

Jakarta: PT Bank Maybank Indonesia Tbk, known as Maybank Indonesia, has officially started operating as an integrated financial group, uniting its banking and financial services under one umbrella. The transformation came after the bank finalized its purchase of shares in three key entities: Maybank Sekuritas Indonesia, Maybank Asset Management, and Asuransi Etiqa International Indonesia.

Speaking about the significance of this move, Maybank Indonesia's President Director Steffano Ridwan emphasized that this step solidifies the bank's ability to serve and cater to the diverse financial needs of its Indonesian customers. With an increasingly interconnected set of capabilities, customers can now enjoy a broader spectrum of Maybank's financial offerings within a unified ecosystem, ranging from conventional banking, investment, and wealth management to insurance and non-bank financial solutions.

The acquisition process was approved by shareholders in June, enabling Maybank Indonesia to assume the role of the Operational Financial Conglomeration Holding Company within the Maybank Financial Conglomerate in Indonesia, while also acquiring majority stakes in the three targeted entities. This integrated structure, approved by the Financial Services Authority of Indonesia, now includes Maybank Sekuritas Indonesia, Maybank Asset Management, Asuransi Etiqa, Maybank Finance, and Wahana Ottomitra Multiartha (WOM Finance), alongside the original Maybank Indonesia.

Steffano Ridwan highlighted the benefits of this integration, stating that it will allow the bank and its affiliated entities to enhance synergies and leverage their respective strengths and expertise to deliver more comprehensive financial solutions. Ultimately, this integration aims to create added value for customers and stakeholders.

Furthermore, the integration is bolstered by Maybank Group's regional connectivity, ensuring customers have access to a wider and more interconnected array of financial solutions across the region. This move is also aligned with Maybank Group's ROAR30 strategy, which focuses on reinforcing its position as a leading financial services group in Southeast Asia while reaffirming its commitment to delivering Humanising Financial Services.