Top 10 Largest Financial Service Companies in Indonesia

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In this post, let's examine some of the largest financial service companies in Indonesia, ranked by market capitalization. Go directly to other related ... read more...

  1. Top 1

    Bank Central Asia

    On February 21, 1957, PT Bank Central Asia Tbk, also known as Bank Central Asia (BCA), was established. It is regarded as Indonesia's biggest privately owned bank. The whole banking system in Indonesia was severely impacted by the 1997 Asian financial crisis. In particular, it had an impact on BCA's cash flow and perhaps put its existence in danger.


    BCA was obliged to request aid from the Indonesian government and then be nationalized due to a bank rush. The bank was taken over by the Indonesian Bank Restructuring Agency in 1998. After that year, a complete recovery was achieved. Third-party funds had returned to their pre-crisis level by December 1998. In comparison to December 1997, when BCA's assets were Rp 53.36 trillion, they are now Rp 67.93 trillion. When the public's trust in BCA was fully recovered, IBRA released BCA to BI in 2001.


    The market capitalization of Bank Central Asia as of April 2023 is $71.25 billion. By market cap, this places Bank Central Asia as the 202nd most valuable firm in the entire world. The company's current revenue (TTM) is $5.97 billion, according to Bank Central Asia's most recent financial filings. The company generated $5.53 billion in revenue in 2021, an increase from $5.16 billion in revenue in 2020.


    Founded: 1955
    Headquarters: BCA Tower, Central Jakarta, Jakarta, Indonesia
    Website: www.bca.co.id

    Screenshot via 	www.bca.co.id
    Screenshot via www.bca.co.id
    Screenshot via  	www.bca.co.id
    Screenshot via www.bca.co.id

  2. Top 2

    Bank Rakyat Indonesia

    One of Indonesia's biggest banks is Bank Rakyat Indonesia. With its more than 4,000 branches, units, and rural service posts, it specializes in small-scale and microfinance styles of borrowing from and lending to its nearly 30 million retail consumers. Also, it runs a relatively small but expanding corporate business. As of 2010, it is Indonesia's second-largest bank in terms of assets.

    BRI was founded in 1895, making it Indonesia's oldest bank. The operational business (Persero) is currently 53% owned by the government and has been so since the end of the independence struggle (1945–1949), up until November 2003, when 30% of its shares were sold through an IPO.


    The market capitalization of Bank Rakyat Indonesia as of April 2023 is $48.29 billion. By market cap, this places Bank Rakyat Indonesia as the 337th most valuable corporation in the world. The most recent financial reports from Bank Rakyat Indonesia show that the company's current revenue (TTM) is $11.29 billion. The company generated $10.64 billion in revenue in 2021, an increase from $7.17 billion in revenue in 2020.


    Founded: 16 December 1895
    Headquarters: Jakarta, Indonesia
    Website: www.bri.co.id

    Screenshot via  www.bri.co.id
    Screenshot via www.bri.co.id
    Screenshot via www.bri.co.id
    Screenshot via www.bri.co.id
  3. Top 3

    Bank Mandiri

    In terms of assets, loans, and deposits, PT Bank Mandiri (Persero) Tbk, also known as Bank Mandiri, with its headquarters in Jakarta, is the biggest bank in Indonesia. There were IDR 1.58 quadrillion worth of assets as of March 2021, or roughly US$110.56 billion. By total assets, Bank Mandiri was the biggest bank in Indonesia as of March 2021.

    As of December 2020, the bank had approximately 13,217 Automated Teller Machines (ATMs), 2,511 branches spread across three different time zones in Indonesia, 7 branches abroad, and five major subsidiaries: Mandiri Sekuritas, Mandiri Tunas Finance, AXA Mandiri Financial Services, Bank Mandiri Taspen, and Mandiri AXA General Insurance.


    The market capitalization of Bank Mandiri as of April 2023 is $32.05 billion. By market cap, this places Bank Mandiri as the 547th most valuable corporation in the world. The most recent financial reports from Bank Mandiri show that the company's current revenue (TTM) is $8.24 billion. The corporation generated $7.26 billion in revenue in 2021, an increase from $5.70 billion in revenue in 2020.


    Founded: 2 October 1998
    Headquarters: Jakarta, Indonesia
    Website: www.bankmandiri.co.id

    Screenshot via  		www.bankmandiri.co.id
    Screenshot via www.bankmandiri.co.id
    Screenshot via  		www.bankmandiri.co.id
    Screenshot via www.bankmandiri.co.id
  4. Top 4

    Bank Negara Indonesia

    State-owned Bank Negara Indonesia is a bank in Indonesia. In addition to Seoul, Singapore, Hong Kong, Tokyo, London, and New York, it has branches largely in Indonesia. In 2006, it had 1,000 branches and more than 9 million clients. It trades under the ticker "BBNI" on the Indonesia Stock Exchange. On March 12th, 2007, it had a market value of 23.8 trillion rupiah, or roughly US$2.6 billion. In terms of assets, it is Indonesia's fourth-largest bank.

    On July 5th, 1946, Bank Negara Indonesia was created. It was ready to take on the role of Indonesia's central bank, handling and issuing the country's money. A few months after it was established, Bank Negara Indonesia released the ORI, or Oeang Republik Indonesia, as the country's first legal tender.


    The market capitalization of Bank Negara Indonesia as of April 2023 is $11.47 billion. By market cap, this places Bank Negara Indonesia as the 1335th most valuable corporation in the world. The most recent financial reports from Bank Negara Indonesia show that the company's current revenue (TTM) is $4.08 billion. The company generated $3.94 billion in revenue in 2021, an increase from $3.67 billion in revenue in 2020.


    Founded: 5 July 1946
    Headquarters: Jakarta, Indonesia
    Website: https://www.bni.co.id/

    Screenshot via  	https://www.bni.co.id/
    Screenshot via https://www.bni.co.id/
    Screenshot via  	https://www.bni.co.id/
    Screenshot via https://www.bni.co.id/
  5. Top 5

    GoTo

    Going To Known as "GoTo," Gojek Tokopedia Tbk is an Indonesian holding company. The greatest merger in the nation at the time involved Gojek, the largest ride-hailing company in Indonesia, and Tokopedia, an e-commerce company. The company was founded in 2021.

    The most valuable startup in Indonesia, GoTo, generates 2% of the nation's GDP. Around 9% of GoTo is jointly owned by Alibaba and SoftBank. Gojek was established in Indonesia in 2010 as a call center to coordinate courier deliveries and transportation, whereas Tokopedia was established there in 2009 as an e-commerce platform.


    GoTo's market capitalization as of April 2023 is $6.79 billion. By market cap, this places GoTo as the 191st most valuable company in the world. The most recent financial reports from GoTo indicate that the company's current revenue (TTM) is $0.24 billion. The company generated $0.24 billion in revenue in 2020, an increase from $0.16 billion in revenue in 2019.


    Founded: May 17, 2021
    Headquarters: Kebayoran Baru, South Jakarta, Indonesia
    Website: www.gotocompany.com

    Screenshot via  	www.gotocompany.com
    Screenshot via www.gotocompany.com
    Screenshot via  	www.gotocompany.com
    Screenshot via www.gotocompany.com
  6. Top 6

    Bank Mega

    The parent company of Bank Mega is PT Bank Karman (Karya Aman), which was founded on April 15, 1969, and has its headquarters on Jl. Japanese Flower No. 180–184 in Surabaya. This bank, a non-foreign exchange bank with 2 branches, was documented to have undergone multiple ownership changes. In 1989, it had assets worth IDR 123 billion. Eventually, further branch offices were created, bringing the total to 6, with 4 sub-branch offices dispersed among several cities, including Gresik, Malang, and Jakarta.


    On March 11, 1991, Bank Karman was purchased by Pudjianto, who also owned 35% and 20%, respectively, of Zebra Taxi Surabaya through PT Continental Zebra Taxi and the Bapindo Employee Welfare Fund. In addition, Tjahjono Goenadi, the previous owner before the transaction, still owns a minority holding of 25%, and Ade Nasution has also joined with a 20% ownership position. After the takeover, Bank Karman moved to Jakarta and, on January 1, 1992, changed its name to Mega Bank.


    Bank Mega's market capitalization as of April 2023 is $3.93 billion. By market cap, this places Bank Mega as the 2736th most valuable corporation in the world. The most recent financial reports for Bank Mega indicate that the company's current revenue (TTM) is $0.50 B. The company generated $0.51 billion in revenue in 2021, up from $0.42 billion in revenue in 2020.


    Founded: April 15 , 1969
    Headquarters: Jl. Captain Tendean No.12, RT.2/RW.2, Mampang Prapatan, Jakarta
    Website: www.bankmega.com

    Screenshot via  	www.bankmega.com
    Screenshot via www.bankmega.com
    Screenshot via  	www.bankmega.com
    Screenshot via www.bankmega.com
  7. Top 7

    Permata Bank

    A bank with its main offices in Jakarta, the capital of Indonesia, is called Permata Bank (or Bank Permata). After getting approval from the Financial Services Authority (OJK) on January 20, 2021, it has formally become a BUKU IV bank. With 304 branch locations and two mobile branches, it serves approximately four million customers throughout 62 Indonesian cities. Meliza Musa Rusli is the bank's current CEO. Five banks managed by the Indonesian Bank Restructuring Agency (IBRA) were combined to become Bank Permata, including,


    • PT Bank Bali Tbk - established in 1954, then center of a corruption scandal;
    • PT Bank Universal Tbk;
    • PT Bank Prima Express;
    • PT Bank Artamedia; and
    • PT Bank Patriot.


    Market capitalization for Permata Bank as of April 2023 is $2.28 billion. By market cap, Permata Bank is now the 3542nd most valuable firm in the world. The most recent financial reports from Permata Bank indicate that the company's current revenue (TTM) is $0.71 B. The company generated $0.67 billion in revenue in 2021, an increase from $0.60 billion in revenue in 2020.


    Founded: 17 December 1954
    Headquarters:Jakarta, Indonesia
    Website: https://www.permatabank.com/

    Screenshot via  https://www.permatabank.com/
    Screenshot via https://www.permatabank.com/
    Screenshot via  https://www.permatabank.com/
    Screenshot via https://www.permatabank.com/
  8. Top 8

    Bank Jago

    A provider of life financial solutions, Bank Jago is overseen by OJK and Bank Indonesia. Bank Jago enables you to send and store money, top up an e-Wallet (such as GoPay), pay bills, and ask friends for money whenever and wherever you choose. In addition to being a mobile on-demand services and payments platform, Bank Jago is a publicly traded technology-based bank. Via the Gojek app, Jago included a cashless payment method. On December 14, 1992, Linawati Arto Hardy founded Jago in Bandung, Jawa Barat.


    Bank Jago's market cap was $2.13 billion as of April 2023. By market cap, this places Bank Jago as the 3636th most valuable corporation in the entire world. The most recent financial reports from Bank Jago indicate that the company's current revenue (TTM) is $95.43 million. The company generated $41.52 million in revenue in 2021, an increase from $4.55 million in revenue in 2020.


    Founded: December 14, 1992
    Headquarters: Jakata, Indonesia
    Website: https://jago.com/

    Screenshot via  https://jago.com/
    Screenshot via https://jago.com/
    Screenshot via  https://jago.com/
    Screenshot via https://jago.com/
  9. Top 9

    Bank Danamon

    On July 16, 1956, Bank Danamon was founded as PT Bank Kopra Indonesia. The bank was renamed PT Bank Danamon Indonesia in 1976. In 1976, it started concentrating on currency exchange activities, and in 1989, it listed its shares on the Jakarta Stock Exchange.

    Danamon
    , which was experiencing liquidity issues during the Asian financial crisis, was placed under the Indonesian Bank Restructuring Agency's supervision by the government in 1997. (IBRA). Using Rp 32 billion in government bonds, the government, through IBRA, recapitalized Danamon in 1999. As a part of IBRA's reorganization strategy, numerous banks that the government had taken over joined with Bank Danamon in the same year. Danamon's size increased in 2000 when Bank Danamon amalgamated with eight additional banks that the government had taken control of.


    The market capitalization of Bank Danamon was $1.88 billion as of April 2023. By market cap, Bank Danamon is now the 3802nd most valuable firm in the world. The most recent financial reports from Bank Danamon show that the company's current revenue (TTM) is $1.19 billion. The company generated $1.21 billion in revenue in 2021, up from $1.18 billion in revenue in 2020.


    Founded: July 16, 1956
    Headquarters: Jakarta, Indonesia
    Website: www.danamon.co.id

    Screenshot via  	www.danamon.co.id
    Screenshot via www.danamon.co.id
    Screenshot via  	www.danamon.co.id
    Screenshot via www.danamon.co.id
  10. Top 10

    Bank Mayapada Internasional

    Dato' Sri Prof. DR Tahir, MBA, founded the Mayapada Group Financial Services Business, PT Bank Mayapada Internasional Tbk, on September 7, 1989. In 1990, the company received a license from the Minister of Finance of the Republic of Indonesia to operate as a commercial bank, and it has been a foreign exchange bank since 1993. Bank Mayapada was listed on the stock market in 1997 under the symbol "MAYA."

    In keeping with Indonesia's economic expansion, Bank Mayapada has maintained its rapid growth while demonstrating dedication to its clients and enhancing its operational and financial performance. The Bank currently operates 144 ATMs, 216 offices, and more than 120,000 Prima ATM networks around Indonesia. Customers may always rely on dependable and practical digital services provided by MyMobile and MyOnline to meet their banking needs.

    In order to achieve its vision and mission, Bank Mayapada keeps enhancing its performance: to be one of Indonesia's top private banks in terms of asset value, profitability, and soundness rating; and to conduct sound banking activities and deliver the greatest possible added value to clients, staff, shareholders, and the government. Bank Mayapada has held an ISO 9001 certification for quality management systems since 2001.

    Moreover, Bank Mayapada strengthened its strategic alliance with Taiwan's Cathay Life Insurance Co. Ltd., From the beginning of 2017, Bank Mayapada has been a recognized BUKU III Bank due to its dedication to providing sincere service and ensuring business continuity through annual capital strengthening.


    Bank Mayapada Internasional's market cap was $0.37 billion as of April 2023. By market cap, Bank Mayapada International is now the 5601st most valuable corporation in the world. The most recent financial reports from Bank Mayapada Internasional indicate that the company's current revenue (TTM) is $84.56 million. The company generated $31.99 million in revenue in 2021, a rise from $16.67 million in revenue in 2020.


    Founded: 7 September 1989
    Headquarters: Jakarta, Indonesia
    Website: https://www.bankmayapada.com/

    Screenshot via  https://www.bankmayapada.com/
    Screenshot via https://www.bankmayapada.com/
    Screenshot via  https://www.bankmayapada.com/
    Screenshot via https://www.bankmayapada.com/




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