Best bank 2025: PT Bank Mandiri (Persero) Tbk
Bank Mandiri solidified its dominance in Indonesian banking through exceptional financial performance in 2024. The Jakarta-based lender’s assets reached Rp2,427 trillion ($147 billion), achieving southeast Asia’s fastest growth trajectory with a five-year compound annual rate of 12%.
The bank’s loan portfolio surged 19.5% to Rp1,670 trillion, capturing 21% market share – the highest growth rate in Indonesia’s banking sector. Corporate banking led this expansion, with loans climbing 26% to Rp515 trillion. Mandiri leveraged these corporate relationships to penetrate the SME segment, where loans grew 13% to Rp87 trillion, creating integrated value chains across its client base.
Asset quality improved markedly. The non-performing loan ratio fell to 1.12% from 1.19% in 2023, the lowest among major Indonesian banks. A non-performing loan coverage ratio of 271% – the highest among tier-one peers – provided additional cushion against potential losses.
On the funding side, current and savings accounts (CASA) – the cheapest funding source as current accounts typically pay near-zero interest – rose 7.5% year-on-year to comprise 80% of total deposits, a record high. The savings deposits grew 13.4%, dwarfing the industry’s 5.3% pace.
This outperformance stemmed from Mandiri’s digital transformation. Kopra by Mandiri, the wholesale banking platform, processed Rp22,700 trillion in transactions – up 17% and triple the previous year’s growth rate. New features reduced client transaction time by 40%. On the retail front, Livin’ by Mandiri attracted 29 million users, a 29% increase, with 85% of savings accounts now linked to the app.
By seamlessly connecting wholesale and retail operations through integrated digital platforms, Mandiri demonstrated that scale and innovation can coexist, positioning itself at the forefront of Indonesia’s digital banking revolution while maintaining the conservative risk management essential for sustainable growth.
Best investment bank 2025: UBS
UBS’s long-standing belief that having scale in southeast Asia will lead to oversized returns is paying off for the Swiss bank.
In 2024, it ranked second (behind JPMorgan) in the southeast Asia investment banking league table by revenue, earning $61 million for a 6.4% market share, shows Dealogic.
“We’re not just continuing to maintain a presence in southeast Asia; we’re growing it,” says Nicolo Magni, UBS’s head of global banking for southeast Asia and south Asia. “We believe that being positioned as number one, two or three in southeast Asian markets brings huge opportunity with it.”
Indonesia, naturally, is a big part of that southeast focus. UBS served as exclusive financial adviser to Indonesia-listed Inti Bangun Sejahtera, a digital infrastructure platform, on its sale to iForte, a subsidiary of Indonesian telecom tower major Protelindo.
It was also an exclusive financial adviser to MUFG Bank and Adira Finance on their acquisition of Mandala Multifinance in Indonesia, a deal worth about $470 million.
Additionally, UBS advised Gateway Partners on an innovative structured financing deal to monetise its roughly 13% stake in water treatment company Moya Holdings Asia.
Last year was largely one for M&A, given broader equity markets were choppy due to the local presidential elections. Despite that, on equity capital markets, UBS was a placement agent on a $37 million secondary sell-down in dairy company Cimory by its founding family, and was a sole bookrunner on a $43 million sale of shares in telecom company Indosat by private equity firm Northstar.
UBS’s strength in investment banking is complemented by its strong private banking franchise. In 2024, the bank announced a unified global banking division, allowing it to provide investment banking solutions to its family and wealth clients.
“This is exactly what differentiates us from a number of our competitors,” says Magni. “Today, where capital markets and IPOs are challenging, being able to create capital solutions, to create liquidity, for our clients is critical. Continuation funds, private credit, margin lending for families and for some sponsors will be important and it’s an area we have done well in.”
Best investment bank for DCM 2025: PT Indo Premier Sekuritas
Indo Premier Sekuritas has demonstrated a commanding presence across both conventional and Islamic finance segments of Indonesia’s debt capital markets.
The firm sustained its leadership in local currency bond and sukuk issuance, reflecting steady year-on-year growth and a solid market share. Its position as an independent securities house, unaffiliated with state-owned or conglomerate groups, highlights its distinctive standing in Indonesia’s competitive financial sector.
Over the past year, Indo Premier Sekuritas supported landmark transactions in sustainable and regulatory capital markets. These included pioneering structures such as sustainability-linked bonds tied to environmental targets and local currency instruments designed to meet regulatory capital requirements.
The firm has also maintained an active role in social finance and financial institution-related issuances, supporting projects across housing, social development and subordinated capital. Beyond these segments, it contributed to expanding Indonesia’s corporate bond market by facilitating debut and strategic issuances from corporates in sectors such as infrastructure and manufacturing.
With extensive experience across sectors including manufacturing, infrastructure and mining, and across financial instruments ranging from green bonds to sukuk and foreign currency-denominated bonds, the firm has demonstrated consistent capability and versatility in debt capital markets execution.
Best investment bank for M&A 2025: BNP Paribas
BNP Paribas reinforced its presence in Indonesia’s mergers and acquisitions market over the past year, executing headline deals and expanding its advisory toolkit. The bank’s momentum reflects both rising deal volumes and the growing depth of its local franchise.
Having climbed sharply in Indonesia’s M&A league tables by deal value, the firm converted its pipeline into a series of landmark transactions. It advised the state-owned mining holding company on an additional stake purchase in a leading nickel producer – an investment that strengthened the country’s electric-vehicle supply chain. It also guided the sale of a controlling interest in a confectionery manufacturer, the largest transaction of its kind in southeast Asia, and secured mandates across metals processing, nickel mining and steel production.
The franchise’s reach extended beyond the domestic market with a leading role in a high-profile public offer for a Hong Kong-listed hygiene products group, one of the territory’s biggest M&A deals during the period. Cross-border mandates now account for a significant share of activity.
Responding to shifting client priorities, BNP Paribas has introduced specialist coverage for low-carbon energy assets and enhanced its private capital platform, giving high-growth Indonesian companies earlier access to international investors.
A solid onshore team in Jakarta, backed by the bank’s regional and global network, is at the heart of these efforts and positions the franchise to capture further opportunities in the market.
Best investment bank for ECM 2025: PT BNI Sekuritas
BNI Sekuritas showed strong performance in Indonesia’s equity capital markets throughout 2024, delivering landmark transactions and establishing a clear presence in the segment.
The firm played a leading advisory role in a major voluntary tender offer for Siloam International Hospitals Tbk, a deal that significantly increased a key shareholder’s stake and supported the company’s strategic ambitions. The transaction drew considerable market attention, reflected in the post-offer share price movement and investor confidence.
In another example of its market position, BNI Sekuritas advised on a substantial share acquisition for Industri Jamu dan Farmasi Sido Muncul Tbk. The transaction was structured with tailored financing, highlighting effective coordination within the broader BNI Group and a well-established investor and corporate network.
The firm’s ability to manage complex, large-scale transactions, supported by its in-house research capabilities and institutional partnerships, positioned it as a key player in driving capital market developments and contributing to shareholder value across Indonesia’s investment banking landscape.
Best digital bank 2025: Bank Rakyat Indonesia (BRI)
In 2024 Bank Rakyat Indonesia (BRI) accelerated its digital transformation, widening access to financial services while tightening security. The year’s efforts centred on scale, inclusivity and operational resilience.
The lender’s BRImo Super App, Indonesia’s most-downloaded banking application, was a focal point of the bank’s efforts. User numbers reached 38.6 million and transaction value rose 33.2% year on year.
Offline reach kept pace. More than one million BRILink agents, spread across 67,000 villages, covering around 80% of the country’s territory, processed 1.2 billion transactions worth Rp1,589 trillion ($97.5 billion), an 11.3% increase on the previous year.
Artificial intelligence underpinned several advances. AI-driven credit scoring broadened access for micro, small and medium-sized enterprises and ultra-micro businesses, strengthened fraud detection and personalised advisory services.
User experience improved further with the rollout of the BRImo Voice Assistant, enabling Bahasa Indonesia voice commands and shortening transaction times.
For corporate clients, BRI launched Qlola, a digital platform that consolidates trade, cash and foreign exchange management into one dashboard.
Cybersecurity investments were also prioritised; real-time fraud monitoring cut transaction fraud by 40% and blockchain-based safeguards added an extra layer of protection across digital channels.
Best digital bank for SMEs 2025: PT Bank Negara Indonesia (Persero) Tbk
Bank Negara Indonesia (Persero) has spent the year focusing on comprehensive digital solutions that support business growth and efficiency.
The bank’s platforms, Xpora and BNIdirect, play a central role in expanding business opportunities for small and medium-sized enterprises such as Azaki Food International, helping streamline cash flow management and improve access to funding.
BNIdirect channels enhance operational efficiency through automated workflows, digital forms, a user-friendly interface and simplified processes for cash management and loan applications. It has contributed to a visible reduction in administrative burdens for SMEs and made financial transactions and business expansion more accessible.
Xpora has developed into a broad ecosystem specifically designed for export-oriented SMEs, incorporating artificial intelligence-driven personalisation, strategic partnerships and improved navigation. It also provides integrated services such as business advisory, trade specialist support and business-to-business exhibition platforms, all aimed at strengthening SME competitiveness and contributing to wider economic development.
The bank continued to amplify its digital banking services with security measures, notably through token-based authentication, strong password protocols and client education initiatives focused on cybersecurity awareness.
Collaboration with technology companies has further expanded the lender’s digital ecosystem, integrating services such as business legality management and delivery solutions. These services are tailored to sectors including healthcare, education and real estate.
Best digital bank for large corporates 2025: DBS
DBS had a successful year in the large corporates segment in Indonesia, demonstrating a focused strategy to enhance client experience and streamline processes through technology.
The bank introduced a range of initiatives aimed at simplifying onboarding and improving efficiency. Its digital portal enables corporate clients to submit and verify documents across multiple products and locations, helping to reduce processing times and improve convenience.
DBS has also adopted artificial intelligence-powered tools, including chatbots and service analytics, to provide responsive client support and ensure more seamless interactions. Another recent initiative allowed for the reuse of verified client data across the bank’s network, helping to simplify due diligence processes and reduce duplication.
Security was also strengthened through investments in machine learning-based fraud monitoring and alert systems that detect and address potential risks. Additionally, the bank has developed digital solutions to support more efficient and flexible payment and foreign exchange services for corporate clients.
Best digital bank for consumers 2025: PT. Bank UOB Indonesia
UOB Indonesia has strengthened its position in the country’s retail market through targeted innovations that enhance customer experience and financial accessibility.
The bank successfully launched UOB CashPlus, a digital service that allows customers to easily access their credit limit via the CashPlus loan facility. This is supported by a real-time expense tracker within the TMRW app, helping users monitor spending instantly and manage their finances more effectively.
The lender also introduced Digital Wealth through a soft launch, enabling customers to open investment accounts and manage their risk profiles digitally. This service simplifies investment access and broadens participation among its customer base.
To further enhance its digital offering, the bank added a feature to UOB TMRW that allows permanent credit card limit increases. It also expanded its bill payment portfolio by adding 56 new billers, bringing the total to 200, improving transactional convenience for users.
The lender has deepened its digital ecosystem through partnerships with leading e-commerce platforms such as Blibli and Shopee, as well as service providers like Shell and GoJek, creating a comprehensive lifestyle and financial services network.
Additionally, the bank stood out for its comprehensive cybersecurity measures including fraud detection and accessibility features within its digital platforms.
Best bank for ESG 2025: Maybank Indonesia
Maybank Indonesia has taken a broad, structured approach to integrating environmental, social and governance principles across its core operations, focusing on sustainable finance, community support and responsible governance.
The bank’s recent initiatives included collateral-free loans under the HERpower Programme, solar rooftop financing via SUNTerra, and expanded electric vehicle (EV) financing. It has disbursed Rp1.5 trillion ($92 million) in EV financing (an 86% year-on-year increase), supporting 4,492 electric vehicles.
Through its partnership with Muhammadiyah, the bank has advanced community welfare via education and clean water initiatives. Financial literacy programmes such as Cashville Kidz and R.I.S.E. have helped improve participant financial understanding and income levels.
The lender has also strengthened its governance framework by establishing a sustainability council and adopting science-based emissions targets aligned with international frameworks such as the Task Force on Climate-related Financial Disclosures and Science Based Targets initiative. The bank is targeting carbon neutrality by 2030, with a planned 20% reduction in emissions from 2019 levels, highlighting its long-term focus on climate risk and sustainable finance.
Best bank for sustainable finance 2025: HSBC Indonesia
HSBC Indonesia has strengthened its position in sustainable finance, delivering consistent growth and engagement across green and social funding initiatives.
The bank expanded its sustainable finance volume, achieving 100% year-on-year growth. Notable transactions included a $600 million green sukuk for the Republic of Indonesia, aimed at supporting renewable energy and climate resilience, and a $800 million sustainability-linked loan to PT Chandra Asri Pacific, upsized from $600 million, to support transition strategies in hard-to-abate sectors.
The bank also introduced innovative funding mechanisms, such as the first social loan of Rp300 billion to fintech firm AwanTunai, promoting micro, small and medium-sized enterprise inclusion. Additionally, a $105 million social loan was provided to PNM to empower women entrepreneurs, reflecting a focus on social impact alongside environmental priorities.
To support the growing electric vehicle market in the country, HSBC has provided tailored green loans to key industry players including VinFast, BYD and SGMW, helping accelerate the country’s transition to sustainable transportation.
Beyond financing, HSBC Indonesia has taken an active role in climate governance. It partnered with Indonesia’s Financial Services Authority on climate stress testing and participated in global forums such as ICMA’s Climate Transition Finance Working Group. The bank has also expanded sustainability training for employees and deepened engagement with government-led initiatives, including the Indonesia International Sustainable Forum 2024.
Best bank for large corporates 2025: Citibank Indonesia
Citibank Indonesia’s corporate banking segment showcased solid financials and consistent execution. Its recent achievements are a testament to the effectiveness of its client-centric, digital first approach.
The division achieved significant revenue growth over the past year. This was primarily driven by deepening relationships with multinational clients and strengthening its cash management offerings.
The bank serves a broad and diverse portfolio of major multinational corporations and leading local entities. It has expanded its suite of financial solutions, introducing innovative products with a clear sustainability focus.
The bank has enhanced capabilities through investments in state-of-the art digital tools for foreign exchange, payments, trade documentation and cash management analytics. These improvements helped streamline operations and client services.
Additionally, strategic relationship management has fostered deeper engagement with key partners, enabling cross-regional collaboration to deliver integrated solutions. The bank also saw considerable expansion in its supplier finance programme, reflecting its commitment to client integration.
Citibank facilitated major syndicated and bilateral loan transactions for significant corporations. This activity underscores its contribution to corporate development and economic activity within the country.
Best bank for corporate responsibility 2025: PT Bank Central Asia Tbk (BCA)
Bank Central Asia Tbk (BCA) has strengthened its corporate responsibility strategy in Indonesia, focusing on supporting individuals, communities and the environment through a structured set of initiatives.
BCA’s corporate responsibility programme, Bakti BCA, is structured around three pillars: individual empowerment, which covers education and health; community empowerment, aimed at supporting local communities and preserving culture; and ecosystem preservation, focused on environmental sustainability.
In recent years, BCA has stepped up its investment in these areas. A public campaign helped raise awareness and increase engagement with these initiatives, supporting participation from both individuals and businesses.
BCA’s educational programmes have expanded their reach through financial literacy sessions, scholarships and digital skills training, contributing to broader efforts in developing Indonesia’s digital economy. Senior bank leaders have also been directly involved in knowledge-sharing activities with students.
In health, BCA has provided subsidized medical services, supported surgical procedures and contributed to national health programmes, including efforts aimed at improving child nutrition.
Community and environmental initiatives have also made tangible progress. These include supporting cultural activities, skills training for local artisans and contributing to tourism development in local villages. The bank’s environmental programmes focus on tree planting and wildlife conservation, underscoring the bank’s commitment to long-term ecological sustainability.
Best bank for SMEs 2025: Maybank Indonesia
Maybank Indonesia has delivered strong small and medium-sized enterprise banking performance, marked by growth, innovation and enhanced digital capabilities.
The bank recorded 16.4% year-on-year growth in SME loans, expanding its portfolio to Rp22.1 trillion ($1.36 billion). Shariah-compliant SME loans grew by 39.6%, now accounting for 28.7% of the total SME portfolio. This correlated with an increase in the bank’s market share in micro, small and medium enterprise loans from 2.4% to 2.6%.
Maybank introduced eBiz PINTAR, a collateral-free digital finance product for early-stage entrepreneurs, and the SME Super Combo Benefit, integrating key financial services into a single offering. These developments strengthened the lender’s product range, which also includes working capital loans, business expansion loans, trade finance and equipment financing.
The bank’s digitisation efforts have resulted in meaningful improvements to operational efficiency. In 2025, Maybank launched e-Acceptance and e-Signing via the Privy platform, enabling fully digital loan agreements. Artificial intelligence-driven tools such as Anti-Attrition and B-Score analytics now assess creditworthiness and monitor delinquency signs, cutting loan processing times to five to seven days.
Maybank has also strengthened its relationship management approach through sales team restructuring and a focused go-to-market strategy.
Best bank for homeowners 2025: PT Bank Tabungan Negara (Persero) TBK
Bank Tabungan Negara (BTN) advanced its share of Indonesia’s housing finance sector, thanks to strong growth and a focus on accessibility.
The bank held a 39% share of Indonesia’s regular home ownership credit market and 83% of the subsidised Kredit Pemilikan Rumah segment. This has helped approximately 5.6 million individuals become homeowners and extended housing access to over 20 million families.
BTN enhanced its digital services with the Bale by BTN super app, combining housing loan simulations, applications and transactions in one interface. Since launch, the app has attracted 2.22 million users, handled Rp80.7 trillion in transactions and processed 47.5 million transactions.
Additionally, BTN expanded its reach to the emerging affluent segment through nine dedicated sales centres targeting high-value customers. These centres generated Rp2.4 trillion ($147 million) in mortgage disbursements in 2024, with plans to increase to 15 centres by 2025.
The bank also streamlined mortgage processing via its dedicated digital stores, reducing account opening times and integrating services such as video banking.
Additionally, the BTN Prospera initiative boosted low-cost retail funding, gathering Rp10.7 trillion in deposits within its first year to support mortgage lending.
Best bank for diversity and inclusion 2025: Bank Rakyat Indonesia (BRI)
Inclusive practices are fast becoming a competitive differentiator in banking and Bank Rakyat Indonesia (BRI) illustrates how a broad-based strategy can translate into measurable impact.
Women account for 30% of the board of commissioners, 16.7% of the board of directors and 25.23% of all management positions, while 33,717 female employees work across the organisation. To deepen that pipeline, the bank launched its BRILiaN Women Leaders Indonesia programme, offering targeted training and networking; and loans worth Rp184.98 trillion ($11.35 billion) supported 113,476 female-led micro, small and medium-sized enterprises.
The BRI Sahabat Disabilitas initiative was another pillar of the bank’s approach, offering workforce participation for people with disabilities through training, apprenticeships and customised workspaces. A zero-tolerance stance on harassment and discrimination, reinforced by a robust whistle-blowing system, underpin an inclusive workplace culture.
Financial inclusion efforts reached scale. The lender’s PNM Mekaar project delivered capital and training to 14.4 million low-income women, while the BRILink Agent network extended basic banking to 67,200 villages and lifted transaction volumes by 9.82%.
BRI also ran 2,037 financial and digital-literacy sessions for marginalised groups and applied environmental, social and governance criteria in supplier selection to favour women-led and minority-owned businesses.
Best bank for research 2025: BRI Danareksa Sekuritas
BRI Danareksa Sekuritas is an important player in Indonesia’s research landscape. Its structured approach and broad coverage contribute to its market presence.
The bank operates a robust research team divided into three dedicated divisions: macro research, equity research and fixed income research. Helmy Kristanto leads the macro and fixed income team, supported by two analysts and three staff members. Erindra Krisnawan manages the larger equity research team, comprising 10 analysts covering more than18 sectors from banks to technology.
This research capability supports significant market influence. The bank holds the top ranking for its macro strategist among more than 40 analysts across 13 brokers and leads in both government and corporate bond brokerage. It recorded an 86% increase in bond issuance transactions and a 44% rise in corporate clients in the awards period. Its equity research has driven positive stock performance calls in sectors including poultry, banks, healthcare, coal and consumer.
Research products include macro strategy reports, equity sector outlooks, deep dive analyses and regular updates. Reports such as ‘Ominous Carry Trade Unwind Risk’ and ‘An Opportune Time to Initiate the Easing Cycle’ have been noted for their timeliness and accuracy.
Furthermore, the bank employs digital tools for data integration and develops proprietary analytical tools, reflecting a forward-thinking approach. It enhances client engagement through diverse distribution channels, including digital media and participation in high-profile speaking events.
Best securities house 2025: Mandiri Sekuritas
Mandiri Sekuritas has combined financial innovation with consistent execution across capital markets and investment services.
The firm has introduced a fully digital investment platform that streamlines access to a range of securities. This platform is integrated with Mandiri Bank’s mobile services, allowing clients to manage banking and investment activities through a single channel. The integration has notably simplified processes such as account opening, contributing to a marked increase in new client acquisition.
The firm also delivered solid performance across debt and equity markets, completing a high volume of bond and equity underwriting transactions and supporting a large and growing base of retail investors. Its capital markets team played a central role in several landmark transactions, including major initial public offerings, sustainable bond issuances and advisory on strategic mergers and acquisitions.
Best bank for customer experience 2025: PT Bank Syariah Indonesia Tbk
Bank Syariah Indonesia (BSI) is delivering a more accessible, secure and customer-focused banking experience through its integrated digital strategy and expansive service network.
The launch of the BYOND functionality within the bank’s super app marked a key milestone. The service incorporates a modern user interface and strong security features, including a fraud detection system and hardware security module, ensuring a secure user experience.
The app itself streamlines account opening to just five minutes using facial recognition technology and combines financial, social and spiritual services into a unified Islamic digital ecosystem.
BSI has reinforced customer retention through targeted communication and loyalty initiatives, including push notifications, WhatsApp broadcasts and active social media engagement. Programmes such as the BSI Hasanah Card and MIL4D BSI Cashback enhance loyalty by offering customers tangible rewards.
The bank has also simplified credit approval processes. Its Mitraguna Online service provides shariah-compliant multipurpose loans through a fully digital application journey, complemented by improved services in gold instalment and pawning.
BSI’s network includes over 1,039 branches, 5,425 ATMs and more than 119,000 agents through the BSI Agen programme, offering expanded banking access across Indonesia.
The bank’s collaborative digital ecosystem extends its services beyond traditional banking, providing users with access to a range of integrated services.
Best international bank 2025: Citibank Indonesia
A key international player in Indonesia’s banking sector, Citibank’s year was marked by strong financial performance and a consistent focus on innovation and client service.
The bank maintains solid financial fundamentals, reflected in healthy profitability indicators and a robust capital position well above regulatory requirements. Its operational resilience supported leadership in serving multinational corporations and securing a notable share of key market segments, including commercial cards and deposits, among international banks operating in Indonesia.
The lender has also contributed to significant transactions in the capital markets, acting as a joint lead manager on major global bond issuances. Its emphasis on digital innovation was evident through the introduction of advanced virtual card solutions, automated payment monitoring and paperless documentation platforms, helping clients streamline processes and enhance efficiency.
In parallel, the bank demonstrates a strong commitment to sustainable finance. It actively supported supply chain financing aligned with environmental, social and governance standards, helping promote responsible business practices in Indonesia’s corporate landscape.
Through its ongoing digital transformation efforts, including automated foreign exchange and payment solutions, Citibank Indonesia continues to enhance customer experience while driving operational efficiency across its services.
