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)