Bank Execs Signal Bullish Trend Amid Share Race

Bank commissioners and board members are acquiring their banks' bulk shares. Some have substantial ownership of the banks they manage.

Fahmi Ahmad Burhan

10 Jun 2024 - 17.54
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Bank Execs Signal Bullish Trend Amid Share Race

Illustration - A consumer counts dollar bills.

Bisnis, JAKARTA — Several bank board directors have been purchasing shares of their banks amid sluggish stocks, signaling insider confidence. Most recently, PT Bank Mandiri (BMRI) President Director Darmawan Junaidi bought 150,000 BMRI shares on May 27, 2024, at IDR5,900 per share, spending IDR885 million on the transaction for investment purposes.

This transaction brings Darmawan's BMRI ownership to 10.98 million shares. BMRI shares closed at IDR6,275 last weekend, meaning Darmawan’s purchase is already gaining from the price increase.
 Earlier, Mandiri Vice President Director Alexandra Askandar spent IDR1 billion to buy 162,000 BMRI shares on May 13, 2024, at IDR6,200 per share, while Mandiri’s Corporate Banking Director, Riduan, purchased 250,000 BMRI shares in three transactions throughout May.
 Other banks are also following the trend, with PT Bank Central Asia (BBCA) President Director Jahja Setiaatmadja buying 221,100 BBCA shares on May 30, 2024, at IDR9,000 per share for a total of IDR1.98 billion, increasing the number of shares owned to 33.85 million.
 Meanwhile, PT Bank Negara Indonesia (BBNI) and PT Bank Rakyat Indonesia (BBRI) awarded their board members with shares in remuneration, with BNI non-independent directors and commissioners receiving a total of 12.78 million shares worth IDR61.68 billion on May 13, 2024, at IDR4.826,33 per share. Each board member received about 900,740 shares.
 BNI Corporate Secretary Okki Rushartomo said this remuneration program is meant to strengthen corporate governance and align shareholder and management interests.
 A similar remuneration scheme at BRI awarded 25.42 million shares at IDR4,636 per share to its boards of directors and commissioners.



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