KUALA LUMPUR: Indonesia's biggest lender Bank Mandiri Bhd will commence operation as a full-fledged commercial bank in the country by year-end.
As a qualified Asean Bank (QAB) under the interbank Asean Banking Framework, it will be treated as a local bank operating in Malaysia.
PT Bank Mandiri Tbk president director and CEO Kartika Wirjoatmodjo said on Thursday it was awaiting approval from Bank Negara Malaysia for it to commence the full banking operations in the country.
In terms of capital requirement, he said the bank will need RM300mil and have an initial capital at the moment of RM50mil.
"We will increase the capital requirement in stages," he said at a briefing in announcing Bank Mandiri's plans in Malaysia.
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