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IFC Invests More than $22 Million in Indonesia’s Bank Mayora to Expand Lending to Micro and Smaller Businesses

Jakarta, Indonesia, March 10, 2015 —IFC, a member of the World Bank Group, has made an equity investment of over 290 billion Indonesian rupiah (more than $22 million) in PT Bank Mayora, a member of leading Indonesian food manufacturing company Mayora Group, to provide greater access to finance to micro, small and medium enterprises in Indonesia.
There are about 55 million micro, small, and medium businesses in Indonesia, providing 97 percent of all jobs and contributing close to 60 percent to the country’s gross domestic product. Yet, many of them struggle to obtain loans to expand their businesses. IFC’s investment will help Bank Mayora increase lending to address this financing gap and strengthen its market presence in the food and consumer goods industry.  
“IFC’s investment will increase our total capital to more than 1 trillion Indonesian rupiah, enabling us to provide a greater variety of banking services and enhancing our competitiveness in the banking industry,” said PT Bank Mayora’s President Director Irfanto Oeij. “We look forward to rolling out our expansion plan into the small and medium enterprise sector and microfinance, with IFC as our partner.”
The bank’s growth strategy is to increase its reach among Mayora Group’s extensive value-chain network of food suppliers and sub-distributors, who provide access to 11,500 modern sales channels for mini markets and supermarkets, more than 250,000 wholesalers and retailers, and around two million traditional small shops and kiosks.
“Bank Mayora is our partner in widening access to financial products for micro and small enterprises to increase rural incomes and promote sustainable urbanization in Indonesia,” said IFC Country Manager in Indonesia Sarvesh Suri. “IFC’s participation as a minority shareholder will open up the bank’s family-held capital base to include institutional investors.”
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit .
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About PT Bank Mayora
PT Bank Mayora is a fully licensed forex commercial bank that focuses on SME portfolio and has been operating for over 22 years and owned by the Atmadja family, the shareholder of Mayora Group. During the 1997 Asia financial crisis, the bank was one of the few entities that did not require any government assistance and, today, is the only bank in Indonesia with a strong food & beverage (F&B) consumer goods player as its sponsor. Mayora Group is a leading Indonesian producer of F&B products with 50 years of track record in the food manufacturing business. During 2012, the sponsor took the strategic decision to position the bank as a key player within the group’s value-chain and has taken steps to leverage its strong consumer goods franchise and market position to extend its banking business.
About Mayora Group
Mayora Group is the largest locally owned group of companies in F&B manufacturing and distribution in Indonesia with a market capitalization of $2.2 billion and annual sales of $1 billion as of June 2014. The group’s value-chain network comprises production lines, which includes fifteen factories and involves a group of local and international suppliers, and distribution channels. The group is founded and owned by the Atmadja family who also own PT Bank Mayora.