Mandiri bank opens branches in Malaysia

Antara News, Monday, November 30, 2009 00:47 WIB

Kuala Lumpur (ANTARA News) - State-owned Bank Mandiri is establishing a subsidiary Mandiri International Remittance Sdn Bhd in Malaysia with eight branches, the bank`s president director Agus Martowardojo said.

"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 here on Sunday.

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 US$1.5 million. "Next year, we set a target to net 20 percent of remittance from Malaysia to Indonesia, which reaches Rp8-10 trillion per annum," he added.