Maybank Indonesia has secured shareholder approval to acquire majority stakes in three affiliated companies, establishing the bank as the operational financial conglomeration holding company (PIKK) for the Maybank Financial Conglomerate in Indonesia.

The restructuring consolidates the group’s banking, asset management, and insurance units under a single governance framework in response to new rules from the Financial Services Authority (OJK).

The share acquisitions were undertaken after obtaining approval from the sectoral regulators overseeing each member of the conglomerate.

Under the new structure, Maybank Indonesia will hold majority interests in three affiliated companies. These include PT Maybank Asset Management, PT Maybank Sekuritas Indonesia, and PT Asuransi Etiqa Internasional Indonesia.

Following the acquisitions, the bank will act as the operational holding company for the group.

The financial conglomerate will also include existing members PT Maybank Indonesia Finance and PT Wahana Ottomitra Multiartha Tbk.

The consolidation aligns with OJK Regulation No. 30 of 2024, which governs financial conglomerates and financial conglomeration holding companies.

Shareholders also approved amendments to the company’s articles of association to support the restructuring and ensure compliance with the new rules.

“By bringing together our banking, wealth management, securities and insurance businesses, we will be better positioned to deliver seamless and customer-centric financial solutions,”

said Dato’ Sri Khairussaleh Ramli, President and Group CEO of Maybank.

Steffano Ridwan, President Director of Maybank Indonesia, said:

“This Financial Conglomerate strengthens our ability to generate greater synergies across the group’s entities, accelerate innovation and drive sustainable growth, while creating long-term value for all stakeholders in line with our Humanising Financial Services mission.”

Featured image credit: Edited by Fintech News Indonesia, based on image by creativaimages via Magnific