KUALA LUMPUR: Indonesian banking giant PT Bank Mandiri (Persero) Tbk plans to have three banking subsidiaries operational in Malaysia by year end.
PT Bank Mandiri president, director and CEO, Kartika Wirjoatmodjo, said this at the announcement of the establishment plan for Bank Mandiri Bhd here today.
Kartika and Indonesia's Financial Services Authority chairman, Muliaman Hadad, met Bank Negara Malaysia governor Datuk Muhammad Ibrahim today to formally hand over the establishment plan for Bank Mandiri Bhd.
Kartika said that Bank Mandiri has an initial capital allocation of RM300 million for its Malaysian presence, and that the Indonesian bank expects to have three outlets here, comprising headquarters (to be situated in the Kuala Lumpur City Centre area) and two branches.
At present, Bank Mandiri already offers remittance services at 13 branches in Malaysia (in KL, Johor and Penang), and the establishment of Bank Mandiri Bhd will allow it to offer its full suite of banking services and products here.
In his speech, Ibrahim said that Bank Mandiri will be the first Qualified Asean Bank (QAB) in Malaysia.