English Version
| Wednesday, 19 September 2018 |
Indonesia Version

Tuesday, 18 September 2018 | 22:16
Trump Accuses China of Using Trade to Target Election Trump made the accusations in a pair of Twitter posts as the
two sides launched new trade tariffs in an escalating trade
Tuesday, 18 September 2018 | 21:58
Jakarta Dismisses 27 Corrupt Civil Servants The Jakarta Employment Agency (BKD) asserted it had dismissed
27 civil servants named as suspects of corruption throughout
Mandiri Plans Expanding to Philippines, Meets Two Local Banks
Tuesday, 08 August, 2017 | 19:18 WIB
Mandiri Plans Expanding to Philippines, Meets Two Local Banks

TEMPO.CO, Jakarta - State - owned Bank Mandiri (IDX: BMRI) is approaching two Philippine banks. The bank plans to expand its businesses to the neighboring country by acquiring their banks.

Mandiri's distribution director Hery Gunardi said the company has not decided whether they will acquire both banks or just one. Hery is targeting for the expansion to happen in the first half of 2018.

Read: Bank Mandiri Spends Rp936bn to Open Malaysian Branch

"We are conducting a due diligence," he said in Jakarta on Monday, August 7.

The acquisition plan was the result of the signing of a Letter of Intent (LOI) between the Financial Services Authority (OJK) and the central bank of the Philippines, Bangko Sentral Ng Pilipinas (BSP) in June. Bank Mandiri said it will take part in the agreement as a Qualified ASEAN Bank (QAB).

Bank Mandiri will also expand its businesses to Malaysia. Hery said the company will set up a branch office there. The expansion process is now entering the licensing stage.

In Bank Mandiri's 2017 Business Plan (RBB), the company allocates Rp2.5 trillion to Rp4 trillion of its capex for non-organic spending.  


via Facebookvia TEMPO ID


Disclaimer: The views expressed in the comments sections are personal responses that do not represent the editorial policy of tempo.co. Our editorial staff reserves the right to moderate or take down comments that contain harassment, intimidation and discrimination against ethnicity, religion, race, and inter-group relations.