Mandiri Names Zulkifli Zaini as President Director to Replace Martowardojo

PT Bank Mandiri, Indonesia’s largest financial services company by assets, named Zulkifli Zaini as president director to replace Agus Martowardojo, who was appointed as the country’s finance minister in May.

The appointment requires approval from Indonesia’s central bank, Bank Mandiri Chief Financial Officer Pahala Mansury said at a shareholder meeting in Indonesia today. He didn’t provide a timeframe.

Bank Mandiri aims to be among the five largest lenders in Southeast Asia, Zaini, 54, said today. The Jakarta-based company, formed by merging four state banks in July 1999, is seeking to expand in the region more than a decade after Indonesia’s government, backed by the International Monetary Fund, bailed out the banking industry following the Asian financial crisis.

Zaini is one of “the people who knows Mandiri’s problems from the time of its establishment through the merger a decade ago,” A.G. Pahlevi, an analyst at PT Andalan Artha Advisindo Sekuritas in Jakarta, said before today’s announcement. Pahlevi rates Mandiri a “buy.”

Mandiri, whose name means self-reliance, was created by the merger of PT Bank Bumi Daya, PT Bank Dagang Negara, PT Bank Ekspor Impor Indonesia and PT Bank Pembangunan Indonesia.

Zaini, a graduate of Bandung Institute of Technology, started as an accounts officer at PT Bank Pembangunan Asia in 1988. He was named director for commercial banking at Bank Mandiri in June 2006, according to the 2009 annual report.

“Bank Mandiri will focus on boosting the wholesale transaction business, retail payments and retail loans,” Zaini said after the meeting.

Bank Mandiri rose 0.9 percent to 5,800 rupiah as of 10:56 a.m. in Jakarta. The shares have risen 23 percent this year, outpacing the 14 percent gain in Jakarta’s benchmark index.

Martwardojo was named Indonesia’s finance minister in May to replace Sri Mulyani Indrawati, who joined the World Bank as one of three managing directors.

To contact the reporter on this story: Novrida Manurung at

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