Indonesia’s Bank Mandiri to expand business to Vietnam

PT Bank Mandiri Tbk of Indonesia is planning to expand its business to the Philippines, Malaysia and Vietnam, its director Darmawan Junaidi told reporters on December 11.

PT Bank Mandiri Tbk of Indonesia  is planning to expand its business to the Philippines, Malaysia and Vietnam.(Photo: jakartaglobe.id)

PT Bank Mandiri Tbk of Indonesia  is planning to expand its business to the Philippines, Malaysia and Vietnam, its director Darmawan Junaidi told reporters on December 11.

Bank Mandiri intends to acquire or merge with banks in the Philippines, he said, adding that there are huge opportunities in the country as not many retail banks operate there.

He asserted, the lender will use the Qualified ASEAN Banks arrangement to enter Malaysia and in Vietnam, the lender will open new office focusing in micro financing.

To support the plan, the state-owned bank will optimize its own capital. The expansion is part of the bank’s long-term plan.

VNA