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Bank Mandiri Targets Singapore Private Banking Business
Bank Mandiri which operates in Singapore as an offshore bank plans to apply for another licence to run the private banking operations. Mandiri’s move into Singapore’s private banking sector will require a “limited retail banking licence” so that it can serve high-net-worth Indonesians.
“The bank has also been expanding its retail banking business in Malaysia and Philippines.”
The bank has also been expanding its retail banking business in Malaysia and Philippines. After long negotiations, Mandiri is set to get a full retail banking licence in Malaysia within the next two months which would allow it to open retail branches across the country.
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About Bank Mandiri
Bank Mandiri
Bank Mandiri was established on 2 October 1998, as part of the bank restructuring program of the Government of Indonesia. In July 1999, four state-owned banks – Bank Bumi Daya, Bank Dagang Negara, Bank Exim and Bapindo – were amalgamated into Bank Mandiri. The history of these four banks can be traced back to over 140 years, and together they had contributed to thebeginning of the Indonesian banking sector. As of December 2011, Bank Mandiri’s total assets have reached Rp 551.9 trillion (equivalent to USD 60.86 billion), more than double of that in 2006 (Rp 267 trillion) – which is a growth of 15.6% (CAGR); making us the largest bank in Indonesia.
Managing $20 million to $3 billion. Investing $3 million to $300 million.
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