These consolidated financial statements are originally issued in Bahasa.
PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2015 and for the year then ended Expressed in millions of Rupiah, unless otherwise stated
23
1. GENERAL INFORMATION continued
g. Subsidiaries associates continued PT Mandiri Tunas Finance continued
This acquisition has been approved by Bank Indonesia through the Decree of the Governor of Bank Indonesia No. 113DPB1TPB1-1 dated January 8, 2009.
The amendment of the TFS’s name to become MTF was undertaken on June 26, 2009, in accordance with a resolution on notarial deed of PT Tunas Financindo Sarana No. 181 dated
June 26, 2009, notarised by notarial Dr.Irawan Soerodjo, S.H., Msi. The Articles of Association was approved by the Ministry of Law and Human Rights Republic of Indonesia in its decision letter
No. AHU-4056.AH.01.02.TH.09 dated August 26, 2009.
Prior to January 1, 2011, goodwill arising from acquisitions amounted to Rp156,807 MTF amortized using the straight-line method over 5 five years with the estimation of economic
benefits of the goodwill. Effective January 1, 2011, in accordance with SFAS 22 Revised 2009, Business Combinations, goodwill is not amortized but is tested for impairment annually. Bank
periodically evaluates the impairment of goodwill in accordance with SFAS 48 Impairment of Assets see Note 2s. The balance of goodwill on December 31, 2015 amounted to Rp96,697.
Mandiri International Remittance Sendirian Berhad
Mandiri International Remittance Sendirian Berhad “MIR” is a wholly owned Subsidiary of Bank Mandiri and became a Malaysian legal entity on
March 17, 2009 based on registration No. 850077-P. MIR is engaged in money remittance service under the provisions of the Bank
Negara Malaysia “BNM”. MIR has obtained an approval from Bank Indonesia “BI” through letter No. 10548DPB1 dated
November 14, 2008 and approval from BNM to conduct operational activities through its letter No. KL.EC.15018562 dated November 18, 2009. MIR officially
commenced its operations on November 29, 2009 and is currently located in Kuala Lumpur,
Malaysia. The services provided by MIR is currently limited to remittance service to Bank Mandiri’s customer accounts.
PT AXA Mandiri Financial Services
PT AXA Mandiri Financial Services AXA Mandiri is a joint venture company between PT Bank Mandiri Persero Tbk. Bank Mandiri and National Mutual International Pty Ltd NMI that is
engaged in Life Insurance. AXA Mandiri was formerly established under the name of PT Asuransi Jiwa Staco Raharja on September 30, 1991 by notarial deed No. 179 of Muhani Salim, S.H. The
deed of establishment was approved by the Minister of Justice of the Republic of Indonesia through its letter No. C2-6144.HT.01.01.TH.91 dated October 28, 1991. The Company obtained its
life insurance license through General Directorate of Finance Institution decision letter No. KEP.605KM.131991 and officially commenced its operations on December 4, 1991. The
Company’s name was then changed to PT Asuransi Jiwa Mandiri and subsequently changed to PT AXA Mandiri Financial Services. This change was approved by the Ministry of Justice and
Human Rights in its decision letter No. C-28747.HT.01.04.TH.2003 dated December 10, 2003, and was published in State Gazette No. 64, Supplement No. 7728 dated August 10, 2004 with
composition shareholder 51.00 of NMI and 49.00 of Bank Mandiri.
The shareholders of Bank Mandiri, at the Annual General Meeting held on May 17, 2010 in article 7, had approved the acquisition of additional shares in AXA Mandiri through the purchase
of 2.00 of the total shares issued and fully paid shares in AXA Mandiri directly from NMI.
These consolidated financial statements are originally issued in Bahasa.
PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2015 and for the year then ended Expressed in millions of Rupiah, unless otherwise stated
24
1. GENERAL INFORMATION continued
g. Subsidiaries associates continued PT AXA Mandiri Financial Services continued
On August 20, 2010, the Bank signed a Sale and Purchase Agreement AJB to acquire 2,027,844 two million twenty seven thousand eight hundred fourty four shares for an amount of Rp48,427
or 2.00 of AXA Mandiri issued and fully paid in capital from NMI which was performed in front of Notary Dr. A. Partomuan Pohan, S.H., LLM. The addition of shares in AXA Mandiri was approved
by Bank Indonesia through it’s letter No. 1271DPB1TPB1-1 dated July 22, 2010. After this acquisition, the Bank’s percentage of ownership in AXA Mandiri is 51.00.
Prior to January 1, 2011, goodwill arising from the acquisition of AXA Mandiri amounting to Rp40,128 amortized using the straight-line method over 5 five years with the estimation of
economic benefits of the goodwill. Effective January 1, 2011, in accordance with SFAS 22 Revised 2009, Business Combinations, goodwill is not amortized but is tested for impairment
annually. Bank periodically evaluates the impairment of goodwill in accordance with SFAS 48 Impairment of Assets see Note 2s. The balance of goodwill on December 31, 2015 amounted to
Rp37,194.
PT Mandiri AXA General Insurance
PT Mandiri AXA General Insurance MAGI is a joint venture between Bank Mandiri with AXA Société Anonyme engaged in general insurance. MAGI formerly known as PT Maskapai Asuransi
Dharma Bangsa PT Insurance Society Dharma Bangsa Ltd which was established based on Notarial Deed of Sie Khwan Djioe No. 109 dated July 28, 1961 in Jakarta and approved by the
Minister of Justice through its letter No. J.A.5114 dated January 20, 1962. The name of the Company, PT Maskapai Asuransi Dharma Bangsa, was subsequently changed to PT Asuransi
Dharma Bangsa as notarised by Imas Fatimah, S.H. No. 54 dated
December 17, 1997, and approved by the Minister of Justice through the Ministry of Justice Decree No. C2-
2421.HT.01.04.TH.98 dated March 26, 1998. In Bank Mandiri’s General Shareholder Meeting dated May 23, 2011, Bank Mandiri’s shareholders
approved the Bank’s plans to acquire 120,000 one hundred and twenty thousand new shares issued by PT Asuransi Dharma Bangsa. The Bank’s investment in PT Asuransi Dharma Bangsa
was approved by Bank Indonesia through its letter No. 1359DPB1TPB1-1 dated July 28, 2011.
On October 11, 2011, Bank Mandiri acquired 120,000 one hundred and twenty thousand new shares issued by PT Asuransi Dharma Bangsa with a total value of Rp60,000 as notarised by
Notarial deed of Yualita Widyadhari, S.H. No. 23 dated October 11, 2011. After this acquisition, Bank Mandiri became the controlling shareholder of PT Asuransi Dharma Bangsa with 60.00
ownership. This was ractified in the General Shareholder Meeting of PT Asuransi Dharma Bangsa in accordance with notarial deed of Yualita Widyadhari, SH No. 22 dated October 11, 2011. The
notarial deed had been submitted and received by the Ministry of Justice and Human Rights Republic of Indonesia as documented in its letter No. AHU-AH.01.10-10-33252 dated October 17,
2011 regarding Acceptance Notification on the Amendment of PT Asuransi Dharma Bangsa’s Article of Association.
Subsequently, the name of PT Asuransi Dharma Bangsa, was changed to PT Mandiri AXA General Insurance in accordance with the notarial deed of Yualita Widyadhari, S.H. No. 90 dated
October 18, 2011. The notarial deed had been submitted and received by the Ministry of Justice and Human Rights of the Republic of Indonesia as documented in its letter No. AHU-
51976.AH.01.02 dated October 25, 2011 regarding Acceptance Notification on the amendment of PT Mandiri AXA General Insurance’s Article of Association.
