Indonesia appoints Bank BRI as holding company for ultramicro businesses

Indonesia appoints Bank BRI as holding company for ultramicro businesses

From left to right : Pegadaian CEO Kuswiyoto, Bank BRI CEO Sunarso, and Erick Thohir, the SOE Minister, and Arief Mulyadi, PNM CEO

Indonesia has appointed Bank Rakyat Indonesia (BRI), the country’s largest state-owned lender, as the holding company for “ultramicro businesses” after it acquired two other state enterprises — PT Pegadaian, a pawnshop company, and PT Permodalan Nasional Madani (PNM), a micro-financing firm.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter