(Corrects March 27 story to show Bank Mandiri is opening a new office, not branch) PT Bank Mandiri, Indonesia’s largest lender by assets, has opened a new office in Singapore bringing together its brokerage and investment-management units, seeking a foothold as rivals from the city-state expand in its home country.
The office 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.
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.
NOTE: Reuters has not verified this story and does not vouch for its accuracy. (Compiled by Singapore Newsroom; Editing by Anand Basu)