JAKARTA. PT Bank Mandiri (Persero) Tbk (BMRI) has reportedly sold out its entire portion in AXA Insurance Indonesia (AII) to the leaders of PT Talisman Insurance Brokers.

Rudi As Aturridha, Senior Vice President Corporate Secretary of BMRI, said that the number of AII's shares transferred to Talisman Insurance amounts to 138,000 shares, which are equal to 20% of issued and paid-up capital of AII. 

Approximately 69,000 shares or 10% were sold to Anil Panjwani, while another 69,000 or 10% goes to Manoj Ramkrashin Tolani. According to IDNFinancials data, Panjwani is the President Director of Talisman Insurance, while Tolani is the President Commissioner of Talisman Insurance.

Aturridha stated that the divestment of AII's shares is also a part of the company's strategy to enhance consolidation of subsidiaries. "It is to receive optimum investment result, after Bank Mandiri had also divested 40% of its shares in Mandiri AXA General Insurance in November 2018," he added.

In the meantime, Aturridha reaffirmed that the divestment of AII's shares will not result in termination of cooperation of corporate bancassueance of AII. "It also does not affect the entire cooperation schemes between the company and AXA Group, through PT AXA Mandiri Financial Services, which is engaged in life insurance sector," he explained. (KR/ZH)