Malayan Banking Bhd's (KL:MAYBANK) 98.52%-owned Indonesian unit, PT Bank Maybank Indonesia Tbk (Maybank Indonesia), has secured shareholder approval to become the operational financial conglomeration holding company for the Maybank Group's businesses in Indonesia, in line with the country's latest regulatory framework.
The approval was obtained at an extraordinary general meeting held on Monday (June 29), paving the way for Maybank Indonesia to acquire majority stakes in PT Maybank Asset Management, PT Maybank Sekuritas Indonesia and PT Asuransi Etiqa Internasional Indonesia, according to a Maybank statement on Tuesday.
The acquisitions form part of the establishment of Maybank Indonesia as the operational financial conglomeration holding company under Indonesia's Financial Services Authority (OJK) regulation governing financial conglomerates and their holding companies.
Following the restructuring, the financial conglomerate will comprise Maybank Indonesia as the holding company, alongside PT Maybank Sekuritas Indonesia, PT Maybank Asset Management, PT Asuransi Etiqa Internasional Indonesia, PT Maybank Indonesia Finance and PT Wahana Ottomitra Multiartha Tbk (WOM Finance).
Shareholders also approved amendments to Maybank Indonesia's articles of association to support the new structure and ensure compliance with the regulation.
Maybank president and group chief executive officer Datuk Seri Khairussaleh Ramli said the establishment of Maybank Indonesia as the financial conglomeration holding company marks an important milestone in advancing the group's ROAR30 strategy while strengthening its position as a leading financial services group in Asean.
"By bringing together our banking, wealth management, securities and insurance businesses, we will be better positioned to deliver seamless and customer-centric financial solutions that meet the evolving needs of individuals and businesses across Indonesia," he said.
Maybank Indonesia president director Steffano Ridwan said the new structure represents more than a corporate reorganisation.
He said the financial conglomerate would strengthen the group's ability to generate synergies across its various entities, accelerate innovation and drive sustainable growth, while creating long-term value for stakeholders in line with Maybank's "Humanising Financial Services" mission.
According to the bank, the share acquisitions were completed after obtaining approvals from the respective sectoral regulators overseeing each member of the Maybank financial conglomerate.
As of March 2026, Maybank Indonesia had total assets of 192.17 trillion rupiah (RM43.85 billion) and customer deposits of 118.35 trillion rupiah (RM27 billion). The bank operates 267 branches, including 20 shariah branches and one branch in Mumbai, India.
Shares of Maybank ended Tuesday down two sen or 0.2% at RM10.78, giving the banking group a market capitalisation of RM130.39 billion. The stock has gained 11.1% over the past 12 months.
Meanwhile, shares of Maybank Indonesia fell three rupiah or 1.6% to 183 rupiah, valuing the bank at 13.79 trillion rupiah (RM3.56 billion). The stock is down 9.4% over the past year.
Source: TheEdge
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<p>Time: November 2025<br /> By: WTO and International Trade Group, Legal Department – VCCI</p>
