Logo Bank Mandiri

Logo Bank Mandiri

History of Bank Mandiri

Bank Mandiri was formed on 2 October 1998 as part of the Government of Indonesia's bank restructuring program. In July 1999, four state-owned banks - Bank Bumi Daya, Bank Dagang Negara, Bank Ekspor Impor Indonesia and Bank Pembangunan Indonesia - amalgamated with Bank Mandiri. Each of the four legacy banks had played an integral and essential role in the development of the Indonesian economy. Today, Bank Mandiri continues the more than 140-year tradition of contributing to the banking industry and the Indonesian economy. ( Logo Bank Mandiri )

Immediately following the merger, Bank Mandiri embarked on a comprehensive process of consolidation. Among the first steps were to close 194 branches that were in close proximity to each other, and to reduce the number of Mandiri employees from 26,600 to 17,620. The Bank Mandiri brand was rolled out across the entire network and in its advertising and promotional campaigns. In addition, Bank Mandiri successfully implemented its new, integrated core banking system to replace the core banking systems of the four legacy banks.

Since its establishment, Bank Mandiri's performance has been on a continuously upward trajectory, as shown by an increase in profit from Rp 1.18 trillion in 2000 to Rp 5.3 trillion in 2004. In addition, Bank Mandiri also marked an important milestone on 14 July 2003 by successfully conducting an initial public offering of 20% of its shares (4 billion shares). 

Logo Bank Mandiri

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