Indonesia's Bank Mandiri opens Singapore branch

Bosses aim for a “reasonable presence”.

According to a report by Bloomberg, PT Bank Mandiri (BMRI), Indonesia’s largest lender by assets, has opened a new office in Singapore to integrate its brokerage and investment-management units, seeking a foothold as rivals from the city state expand in its home country.

The branch allows Mandiri to tap Singapore’s financial markets to develop products that aren’t available in Indonesia, President Director Budi Gunadi Sadikin said in an interview in Singapore today. Mandiri aims for a “reasonable presence” and wants the city state to treat it fairly as Singapore lenders such as Oversea-Chinese Banking Corp. (OCBC) and United Overseas Bank Ltd. have established a network of branches in Indonesia.

Read full report here.