STANLEY SETIA ATMADJA

28 | FORBES INDONESIA JULY 2019

COVER STORY

ternational by having a car dealership accompanied

by several supporting businesses such as multifi-

nance and insurance. Adira became a power player

with its multifinance company PT Adira Dinamika

Multifinance, which was later acquired by PT Bank

Danamon for Rp 2.2 trillion in 2010. Established

in 1991 and with total assets of Rp30.7 trillion as of

September, Adira is now the largest and most es-

tablished multifinance company in Indonesia with

branches throughout the archipelago.

When Bank Danamon acquired the company,

both Teddy and Stanley exited from the business.

They split the remaining non-financial businesses

in the group, with Stanley acquiring the car dealer-

ship Adira Mobil, which he transformed into Asco

Automotive in 2013. Now all his business inter-

ests are under Asco Capital, which has become

the holding company. The name Asco stands for

Atmadja Stanley Corporation. Stanley enjoys his

ith a career spanning more than three decades,

Stanley Setia Atmadja, 62, is one of the prime ex-

amples of the success story of an executive turned

businessman. Starting his career at Citibank after

returning from college in the late 80s, he climbed

up the ranks to Director at Citicorp Leasing, a susb-

sidiary of Citibank and met with his business part-

ner Theodore “Teddy” Per-

madi Rachmat of the Triputra

Group (No. 17 on Indonesia’s

richest list with a net worth of

$1.8 billion) who was still the

CEO of PT Astra International

at that time. Teddy wanted

to expand his personal busi-

ness from West Java to Jakarta

and searched for someone

who could help him run the

business as a partner and not

simply as an executive. They

founded the Adira Group in

1990, named after Theodore’s

father, Adi Rachmat.

“I always dreamed of being

an entrepreneur, how it’s like

on the other side of business

by being a business player,”

Stanley says.

Stanley, who got his mas-

ter’s of business administra-

tion from the University of

La Verne in the United States,

sought a business model that

could be scaled up and decid-

ed to replicate that of Astra In-

W

Steady Growth

Despite a flat automotive sale in the recent years PT Mandiri Utama

Finance is keeping a steady growth in loan disbursement.

2016

1

5

0

3

7

9

2

6

4

8

10 in Rupiah

(Estimated forecast)

2017 2018 2019

2.9

trillion

7.3

trillion

7.4

trillion

8.1

trillion