The merger was made to comply with a 2014 law, implemented by the Financial Service Authority, which requires a single presence and sole proprietorship. The resulting entity will be called AXA Financial, reports The Jakarta Post. According to AXA Indonesia CEO Paul-Henri Rastoul, it will able to serve and reach more customers in the country.
Rastoul said that the single presence policy will be helpful to AXA, allowing it to extend its operations throughout Indonesia’s vast area and focus more on customers’ needs through multiple channels, such as agency, digital, and telemarketing.
“The combined strength of the two entities will enable us to serve and outreach more customers in Indonesia,” Rastoul said.
AFI president Budi Tampubolon added that the merged entity has plenty opportunities for growth, especially in Indonesia with a growing middle class that is expected to exceed 141 million by 2020.
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