Published on April 6, 2026, by CNBC Indonesia
Jakarta, CNBC Indonesia — The government, through PT Danantara Asset Management (DAM), has officially acquired all investment management companies owned by major state-owned banks, namely Bank Mandiri, Bank Rakyat Indonesia (BRI), and Bank Negara Indonesia (BNI). This move marks a major consolidation of the asset management industry under one control.
Based on information disclosures from each issuer, the takeover was carried out through a series of affiliated transactions signed on April 1, 2026. For Bank Mandiri, DAM acquired nearly all of PT Mandiri Manajemen Investasi (MMI)’s shares, amounting to 99.93%, for a transaction value of approximately Rp1.02 trillion.
Meanwhile, for BNI, PT BNI Sekuritas (BNIS) sold 99.9% of its shares in PT BNI Asset Management (BNI AM) to DAM, valued at Rp359.64 billion. Meanwhile, BRI also included two investment management entities in the consolidation: PT BRI Investment Management (BRI MI) with a 65% stake valued at Rp975 billion, and PT PNM Investment Management (PNM IM), which was acquired almost entirely for 99.999% for Rp345 billion.
This means that all investment management business lines of state-owned banks are now consolidated under Danantara. Structurally, this transaction is classified as an affiliated transaction because all parties remain within the same ecosystem, namely the Government of the Republic of Indonesia.
Despite the substantial transaction amounts, these corporate actions are not categorized as material transactions because their values are relatively small compared to the total equity of each bank.