Indonesia's Bank Mandiri to start operations in Malaysia by year-end

Kartika: ‘In terms of capital requirement, we need RM300mil to start operations.’

KUALA LUMPUR: Indonesia’s largest bank by asset size, PT Bank Mandiri Tbk, will start its banking operations in Malaysia by year-end, making it the first Indonesian bank to carry out full-fledged banking activities in the country.

The move would also pave the way for the lender to further penetrate the Asean market. Unlike other foreign banks operating in the country, Bank Mandiri will be accorded Qualified Asean Bank (QAB) status under the Asean Banking Integration Framework, and will have operational flexibility and be treated as a local bank here.