PT Bank Mandiri, Indonesia's largest lender by assets,
has opened its first branch in Singapore, 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 are not available in Indonesia,
President Director Budi Gunadi Sadikin said in an interview in
Singapore on Wednesday.
Mandiri aims for a "reasonable presence" and wants the
city-state to treat it fairly as Singapore lenders such as
Overseas-Chinese Banking Corporation and United
Overseas Bank have established a network of branches
in Indonesia. (link.reuters.com/buz87v)
NOTE: Reuters has not verified this story and does not vouch
for its accuracy.
(Compiled by Singapore Newsroom; Editing by Anand Basu)