PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2014 AND 2013
Expressed in millions of Rupiah, unless otherwise stated
Appendix 56 1. GENERAL continued
g. Subsidiaries Associates
Subsidiaries included in the consolidated financial statements as at 31 December 2014 and 2013, are as follows:
Percentage of Ownership Name of Subsidiaries
Nature of Business Domicile
2014 2013
PT Bank Syariah Mandiri BSM Sharia Banking
Jakarta 99.99
99.99 Bank Mandiri Europe Limited BMEL
Commercial Banking London
100.00 100.00
PT Mandiri Sekuritas Securities
Jakarta 99.99
99.99 PT Bank Sinar Harapan Bali BSHB
Commercial Banking Denpasar
93.23 93.23
PT Mandiri Tunas Finance MTF Consumer Financing
Jakarta 51.00
51.00 Mandiri International Remittance
Sendirian Berhad MIR Remittance
Kuala Lumpur 100.00
100.00 PT AXA Mandiri Financial Services
Life Insurance Jakarta
51.00 51.00
PT Mandiri AXA General Insurance MAGI General Insurance
Jakarta 60.00
60.00 PT Asuransi Jiwa InHealth Indonesia
Life Insurance Jakarta
60.00 -
Effective starting from 2 May 2014
The Subsidiaries’ total assets as at 31 December 2014 and 2013 before elimination amounting to Rp107,781,308 and Rp94,293,194 or 12.61 and 12.86 of the total consolidated assets,
respectively.
PT Bank Syariah Mandiri
PT Bank Syariah Mandiri “BSM” is engaged in banking activities in accordance with sharia banking principles. BSM was established in the Republic of Indonesia on 15 June 1955 under the
name of PT Bank Industri Nasional “PT Bina”. Then PT Bina changed its name to PT Bank Maritim Indonesia on 4 October 1967 which then subsequently changed the name to become
PT Bank Susila Bhakti on 10 August 1973, a Subsidiary of BDN. Subsequently it became PT Bank Syariah Mandiri based on notarial deed of Sutjipto, S.H., No. 23 dated 8 September 1999.
BSM obtained a license as a commercial bank based on the decision letter of the Minister of Finance of the Republic of Indonesia No. 275122U.M.II dated 19 December 1995 and officially
commenced its sharia operations in 1999.
On 18 March 2011, Bank Mandiri made an additional capital contribution in form of cash to Subsidiary amounted to Rp200,000. Bank Mandiri already obtained an approval from Bank
Indonesia through its letter dated 31 January 2011 and from shareholders through the shareholder circular resolution letter dated 28 February 2011 on the increase in capital.
On 29 December 2011, Bank Mandiri made an additional capital contribution in form of cash to Subsidiary amounted to Rp300,000. Bank Mandiri already obtained an approval from Bank
Indonesia through its letter dated 27 December 2011 and from shareholders through the shareholder circular resolution letter dated 29 December 2011 on the increase in capital.
On 21 December 2012, Bank made an additional capital contribution in form of cash to Subsidiary amounted to Rp300,000. Bank Mandiri already obtained an approval from Bank
Indonesia through its letter dated 21 December 2012 and from shareholders through the shareholder circular resolution letter dated 21 December 2012 on the increase in capital.
On 30 December 2013, Bank Mandiri made an additional capital contribution in form of non cash, land and building inbreng, to Subsidiary amounted to Rp30,778. Bank Mandiri already obtained
an approval from Bank Indonesia through its letter dated 19 December 2013 and from shareholders through the shareholder circular resolution letter dated dated 27 December 2013 on
the increase in capital.
PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2014 AND 2013
Expressed in millions of Rupiah, unless otherwise stated
Appendix 57 1. GENERAL continued
g. Subsidiaries and Associates continued Bank Mandiri Europe Limited
Bank Mandiri Europe Limited “BMEL” was established in London, United Kingdom on 22 June 1999 under “The Companies Act 1985 of the United Kingdom”. It was established from the
conversion of Bank Exim London branch to a Subsidiary and operate effectively on 31 July 1999. BMEL, located in London, United Kingdom, is mandated to act as a commercial bank to
represent the interests of Bank Mandiri.
PT Mandiri Sekuritas
PT Mandiri Sekuritas was established in Jakarta on 31 July 2000 based on notarial deed of Ny. Vita Buena, S.H., replacing Sutjipto, S.H., No. 116. It was established through the merger of
PT Bumi Daya Sekuritas “BDS”, PT Exim Sekuritas “ES” and PT Merincorp Securities Indonesia “MSI”, whereby BDS and ES merged into MSI. MSI obtained its brokerage and
underwriting licenses from the Chairman of the Capital Market Supervisory Agency “Bapepam” through decree No. KEP-12PM1992 and No. KEP-13PM1992 and officially commenced its
operations dated 23 January 1992. The merger was approved by the Ministry of Law and Legislation of the Republic of Indonesia on 25 August 2000 based on decision letter No. C-
18762.HT.01.01-TH.2000 and the business license that was previously obtained by MSI can still be used by PT Mandiri Sekuritas. PT Mandiri Sekuritas owns 99.90 of the total share capital of
PT Mandiri Manajemen Investasi, a Subsidiary established on 26 October 2004 and engaged in investment management and advisory activities.
On 28 December 2012, the Bank made additional equity investments in Subsidiary, amounted to Rp29,512. The Bank has obtained an approval from Bank Indonesia through a letter dated 31
October 2012 and the approval from Decision made out of meeting of Shareholder circular resolution dated 27 December 2012 on the increase in capital. Through this additional capital,
the share ownership of Bank Mandiri in Mandiri Sekuritas increased from 95.69 to 99,99 of the total issued shares in Mandiri Sekuritas.
PT Bank Sinar Harapan Bali
PT Bank Sinar Harapan Bali “BSHB” was established on 3 November 1992 based on the notarial deed No. 4 of Ida Bagus Alit Sudiatmika, S.H., in Denpasar. BSHB obtained its license
based on the decision letter of the Minister of Finance of the Republic of Indonesia No. 77KMK.0171994 and officially commenced its operations on 10 March 1999. On 3 May 2008,
the signing of the acquisition deed was made between the shareholders of BSHB and Bank Mandiri as covered in the acquisition deed No. 4 dated 3 May 2008 of I Wayan Sugitha, S.H., in
Denpasar. The signing deed marked the beginning of the Bank’s 80.00 ownership of BSHB whereby subsequently, BSHB was managed separately and independently from Bank Mandiri.
BSHB is treated as a stand alone bank in order to predominantly focus on the expansion of Micro Business and Small Business.
On 22 October 2009, the Bank increased its share ownership in BSHB by 1.46 of the total issued and fully paid shares or equivalent to Rp1,460,657,000 full amount by purchasing all of
the shares owned by BSHB’s President Director of 2,921,314 shares as documented in Shares Sales-Purchase Agreement No. 52 of notary Ni Wayan Widastri, S.H., dated 22 October 2009 in
Denpasar, Bali.
