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T op Group s
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Bank Panin Group
Private
Banking, property
Mu’min Ali Gunawan
$1.6 billion
Bank Panin is one of Indonesia’s
oldest privately controlled
financial groups. Founder
Mu’min Ali Gunawan and his
family continue to be majority
shareholders of the country’s
seventh-largest lender. The
Indonesian Working Group on
Forest Finance (IWGFF), an
international nongovernmental
organization, has listed
Bank Panin in its 2018 green
investment index. The group,
which currently has 561
branches, continues to expand
its services through digital,
mobile and internet banking.
It has booked $50.9 million in
net profit in the first quarter of
2018 on the back of higher net
interest income. However, its
gross nonperforming loan ratio
increased to 2.99 percent in the
first quarter from 2.91 percent
in the same period last year.
Bank Panin has also ventured
into shariah banking through
the Dubai Islamic Bank.
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Argo Manunggal
Private
Property
The Nin King
$1.6 billion
One of the most recognized corporate groups in Indonesia, with business interests in textiles
and garments, property, financial services and construction materials. The group’s poultry
business produces more than 34 million day-old chicks per year, providing other major operators
in the country with stiff competition. The group also operates multi-finance company Daya
Sembada Finance, while in the property sector, it has a controlling stake in Alam Sutera
Realty and the Bekasi Fajar Industrial Estate. Alam Sutera is a popular residential and lifestyle
community on the southwestern edge of Jakarta. With a total area of 1,100 hectares, it is
regarded as one of the most successful housing developments in Indonesia.
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XL Axiata Group
Telecommunications
Private
$1.6 billion
Malaysian telecommunications company
Axiata has continued its expansion in
Indonesia to tap increasing demand for
mobile data services. Through its 66.4
percent stake in XL Indonesia, Axiata has
a diversified portfolio in mobile networks,
communications infrastructure and
digital services with more than 350
million subscribers in 11 countries. In
June, Moody’s upgraded the issuer
rating of Axiata Group Bhd’s Indonesian
subsidiary, XLAxiata Tbk, and revised the
outlook to positive. As the third-largest
cellular provider in Indonesia in terms
of revenue, XLAxiata has 54.5 million
subscribers and controls a nationwide
cellular network covering all major cities
on the islands of Java, Bali and Sumatra,
as well as population centers in Sulawesi
and Kalimantan. It experienced strong
growth in mobile data services despite
a decline in demand for voice, text
messaging and interconnection services.
With growing demand for 3G/4G LTE
services, XL focuses on increasing data
monetization.