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NEWS UPDATES 30 November 2009

Indonesian bank sets up units in Malaysia

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Indonesian state-owned Bank Mandiri is establishing a subsidiary Mandiri International Remittance Sdn Bhd in Malaysia with eight branches, Antara news agency reported, quoting the bank’s president director Agus Martowardojo.

"The Bank Mandiri subsidiary will focus on the remittance business. We will open eight branches this year and in 2010 their may reach 30," he said.

The subsidiary dedicated by State Enterprises Minister Mustafa Abubakar, in the presence of Bank Indonesia (BI/the central bank) Deputy Governor Ardhayadi Mitroatmodjo, Indonesian Ambassador to Malaysia Da`i Bachtiar, and Transfer Deputy Director of the Malaysian State Bank, Oei Sam Kwang.

Agus said that the opening of the eight branches in Malaysia has cost of $1.5 million. "Next year, we set a target to net 20 percent of remittance from Malaysia to Indonesia, which reaches 8-10 trillion rupiah per annum," he added.


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