Banking News

AXA in Indonesian j/v

AXA in Indonesian j/v

(Australia-Indonesia) - Australian-based financial services group, AXA Asia Pacific, has announced a "bancassurance" joint venture with Indonesia's PT Bank Mandiri. AXA chief Les Owen said the partnership would see AXA expand its financial protection and wealth management products into Indonesia.

AXA will take 51 percent and Bank Mandiri 49 percent of the venture.

Mandiri is Indonesia's largest bank, with nearly 7 million customers.
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