NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2012 AND 2011
Expressed in millions of Rupiah, unless otherwise stated
Appendix 510 1. GENERAL continued
g. Subsidiaries and Associates continued PT AXA Mandiri Financial Services continued
On 20 August 2010, the Bank signed a Sale and Purchase Agreement Akta Jual Beli - 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 2.00 shares in
AXA Mandiri was approved by Bank Indonesia through it’s letter No. 1271DPB1TPB1-1 dated 22 July 2010. After this acquisition, the Bank’s percentage of ownership in AXA Mandiri is 51.00.
Goodwill arising from acquisition of AXA Mandiri amounting to Rp40,128 amortised using the straight-line method over 5 five years in line with the estimation of economic benefits of the
goodwill. Goodwill amortisation expense from 20 August 2010 to 31 December 2010 amounted to Rp2,934 and charged to the consolidated statements of income. The balance of unamortised
goodwill as at 31 December 2010 amounted to Rp37,194. Effective 1 January 2011, the Bank ceased the amortisation of goodwill and will regularly asses and evaluate goodwill impairment in
accordance with SFAS No. 22 Revised 2010 “Business Combination” refer to Note 2s.
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 28 July 1961 in Jakarta and approved by the
Minister of Justice through its letter No. J.A.5114 dated 20 January 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 17 December 1997, and approved by the Minister of Justice through the Ministry of Justice Decree No. C2-
2421.HT.01.04.TH.98 dated 26 March 1998.
In Bank Mandiri’s General Shareholder Meeting dated 23 May 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 28 July 2011.
On 11 October 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 11 October 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 11 October 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 17 October
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 18 October
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
25 October 2011 regarding Acceptance Notification on the amendment of PT Mandiri AXA General Insurance’s Article of Association.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2012 AND 2011
Expressed in millions of Rupiah, unless otherwise stated
Appendix 511 1. GENERAL continued
g. Subsidiaries and Associates continued PT Mandiri AXA General Insurance continued
In conducting its business, MAGI already obtained a license from the Insurance Bureau of Bapepam and LK Ministry of Finance of the Republic of Indonesia Biro Perasuransian Bapepam
dan LK Kementerian Keuangan through letter No. S-12583BL2011 dated 22 November 2011 concerning the Activation of General Insurance Business License and Change of the Company
Name from PT Asuransi Dharma Bangsa to PT Mandiri AXA General Insurance.
h. Structure and Management
Bank Mandiri’s head office is located on Jl. Jend. Gatot Subroto Kav. 36-38, South Jakarta, Indonesia. As at 31 December 2012 and 2011, Bank Mandiri’s domestic and overseas offices are
as follows:
2012 2011
Domestic Regional Offices 12
12 Domestic Branches:
Area Community Branches
Mandiri Mitra Usaha offices Cash Outlets
68 949
502 291
66 937
300 234
1,810 1,537
Overseas Branches 5
5
unaudited
As at 31 December 2012 and 2011, Bank Mandiri has overseas branches located in Cayman Islands, Singapore, Hong Kong, Timor Leste and Shanghai People’s Republic of China.
Bank Mandiri has obtained branch establishment license from China Banking Regulatory Commission on 3 November 2010. The Shanghai branch commenced its operations on
17 November 2011.
To support Bank Mandiri’s vision to be Indonesia’s most admired and progressive financial institution, Bank Mandiri has amended its organisation structure into Strategic Business Units
SBU. In general, SBU consists of three major groups, which are:
1. Business Units, responsible for the Bank’s main business development consists of 6 six Directorates namely Institutional Banking, Corporate Banking, Commercial Business Banking,
Consumer Finance, Micro Retail Banking and Treasury, Financial Institution Special Asset Management;
2. Corporate Center, responsible for the management of the Bank’s critical resources and providing support for the Bank’s policies, consisting of 3 three Directorates which are Risk
Management, Compliance Human Capital and Finance Strategy; 3. Shared Services, as a supporting unit to the Bank’s operational activities and is managed by the
Directorate of Technology Operations.
