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Indonesia's Bank Mandiri gets approval for stock split

[JAKARTA] Shareholders of Indonesia's largest bank by asset, Bank Mandiri, on Monday approved the lender's plan for a 1:2 stock split, its chief executive said.

Bank Mandiri will increase the availability of its shares and make them more "affordable" for individual investors, CEO Kartika Wirjoatmodjo told reporters. The split is expected to be finalised in November.

Bank Mandiri's shares were traded at 13,200 rupiah (S$1.35) per share at 0843 GMT on Monday.