Mandiri opens its first branch in Singapore

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 aren't available in Indonesia, president director Budi Gunadi Sadikin said in an interview in Singapore yesterday.

Mandiri aims for a "reasonable presence" and wants the city-state to treat it fairly as Singapore lenders such as OCBC Bank and United Overseas Bank (UOB) have established a network of branches in Indonesia.