Bank Mandiri Studying Options for Expansion into Malaysia

JAKARTA, KOMPAS.com - PT Bank Mandiri , Indonesia's biggest lender by assets, is studying options for an expansion into Malaysia, its chief executive said Monday.

“Many Indonesians work there, and trade between Indonesia and Malaysia is on an upward trend. We want to grab this opportunity and we're conducting studies,“ Mandiri Chief Executive Zulkifli Zaini told reporters after a shareholders' meeting.

He also said Mandiri is seeking opportunities to acquire domestic lenders in the medium term to help expand its business.

“We're looking for small- to mid-sized banks focusing on retail or consumer banking,“ Zaini said.

Mandiri is looking to expand its footprint in the region within the next five years and is aiming for average annual loan growth of 20%-22% during the period, he said.