Mandiri Sekuritas has appointed Alex Widi Kristiono acting president director after its chief executive, Oki Ramadhana, was appointed chairman of the board of directors at the Indonesia Investment Authority (INA).
The appointment comes days after reports emerged that INA had tapped Ramadhana as its new chief executive officer as part of a broader leadership reshuffle at the state investment fund.
In a statement released on Tuesday, Mandiri Sekuritas announced that Kristiono, currently director of risk management and operations, would assume the acting CEO role to ensure business continuity and smooth operations during the leadership transition.
“We congratulate Oki Ramadhana on his appointment as chairman of INA’s board of directors, and we hope he will carry out this mandate successfully,” Kristiono said in the statement.
“Under Oki’s leadership, Mandiri Sekuritas achieved several milestones and awards, including being named Best Securities House in 2025 by Euromoney, securing the No. 1 spot in Bloomberg’s equity brokerage league table for 2025, and rapidly growing its retail customer base to more than 1.3 million through Growin’, the company’s in-house digital trading platform,” he added.
According to earlier media reports, INA also appointed former BRI Danareksa Sekuritas president director Laksono Widodo as chief investment officer and Adhiputra Tanoyo as chief risk officer. Yet, no official statement from INA regarding this.
Ramadhana previously held senior investment banking roles at HSBC Sekuritas Indonesia, as well as stints at Goldman Sachs and Morgan Stanley, before joining Mandiri Sekuritas in 2021.
The leadership changes follow the completion of former INA chief executive Ridha Wirakusumah’s term in February. During his tenure, INA expanded investments across sectors, including transportation and logistics, digital infrastructure, green energy, and healthcare.
Kristiono said the company would continue strengthening its retail, capital market, and investment banking businesses while pursuing its ambition to become a leading investment bank in Indonesia and Southeast Asia.
“We will also ensure that this leadership transition is carried out in accordance with good corporate governance principles, so that services to clients and other stakeholders continue uninterrupted,” he said.
Mandiri Sekuritas, a subsidiary of Bank Mandiri, posted strong financial results as of March 30, 2026, with net operating revenue jumping 94% year-on-year to 409.6 billion rupiah, from 211.7 billion rupiah in the same period a year earlier. Retail operations accounted for 54% of revenue, followed by capital markets at 27%; while the remainder came from investment banking, including its Singapore business.
Founded in 2000, Mandiri Sekuritas provides underwriting, advisory, and brokerage services to corporate, institutional, and retail clients across conventional and digital channels.
