TEMPO.CO, Jakarta - State-owned lender Bank Mandiri is expecting to open its first Malaysian branch this year. Malaysia’s central bank BMN has responded to Mandiri’s application for Qualified ASEAN Bank (QAB) status.
Bank Mandiri Deputy CEO Sulaiman A. Arianto told Antara that the Malaysian branch will go ahead even if the holding company for state-owned lenders was not yet established. Bank Mandiri will complete BNM’s and administrative requirements for a new branch.
Aside from Malaysia, Mandiri also plans to open a branch in the Philippines either by acquiring a local company or establishing a joint venture to optimize the existing market. Sulaiman, however, could yet confirm the date of such expansion.
“This year’s target is Malaysia. We will basically strengthen [our presence in] the domestic market while expanding globally,” Sulaiman said.
In its business plan (RBB) for 2017, Bank Mandiri earmarks Rp2.5-4 trillion for inorganic growth, which includes branch expansion and capital injections for its subsidiaries.
Bank Mandiri has total assets of Rp1,034.7 trillion. This year, Mandiri is striving to regain positive trend after its profit slipped by 32.1 percent to Rp13.81 trillion last year.
ALI N.Y.
