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Indonesia's Bank Mandiri in talks to buy stake in Bank Prima Master

Financial regulator has been encouraging consolidation in banking sector

Indonesia's Bank Mandiri is targeting a sizable stake in Surabaya-based lender Bank Prima Master, according to sources. (Photo by Shinya Sawai)

Indonesian state lender Bank Mandiri is in talks to acquire a sizable stake in the Surabaya-based lender Bank Prima Master, multiple sources aware of the development told DealStreetAsia.

DealStreetAsia had reported last month, citing sources, that the Chinese fintech firm Jianpu Technology and an unnamed Indonesian lender were in separate, early-stage discussions to acquire a minority stake in Bank Prima Master.

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