Mandiri Allowed to Open 20 Branches in Malaysia
Jakarta. Bank Mandiri, Indonesia's largest lender by assets, will soon be able to open 20 branches in Malaysia by the end of this year, after financial authorities of the two countries signed a financial cooperation agreement.
“It's OK. We are just waiting for approval from their government,” said Muliaman D Hadad, chief commissioner at the Financial Services Authority on the sidelines of the 24th World Economic Forum on East Asia in Jakarta on Tuesday.
“Integration with Malaysia is basically reciprocal and reduces the gap. We have to first open our branches there, before they can add their branches here,” Muliaman said.
Pahala Mansury, director of finance and strategy at Bank Mandiri, said the lender set aside 300 million ringgit ($91 million) to open branches in Indonesia by the end of this year.
GlobeAsia and the Jakarta Globe were media partners of the WEF event.
GlobeAsia
Tags: Keywords: