Indonesian state lenders BNI and Bank Mandiri double down on CVC play

BNI building in Central Jakarta (Reuters Photo)

Bank Negara Indonesia (BNI) will establish its much-anticipated corporate venture capital (CVC) arm in June 2022, while Bank Mandiri is planning to inject fresh capital into its own CVC unit, top executives of the Indonesian state-owned lenders confirmed to DealStreetAsia.

BNI has received the requisite licence from the regulator, the Financial Services Authority (OJK), to establish the VC fund. It will inject an initial 500 billion rupiah ($34.6 million) into the VC unit, which will be followed by subsequent capital infusions, said Novita Widya Anggraini, BNI’s financial director.

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