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Mandiri to operate in Malaysia with full rights
State-owned lender Bank Mandiri announced on Wednesday it would soon pay 100 million ringgit (US$24.6 million) to Malaysia’s central bank, Bank Negara Malaysia (BNM), to in Malaysia with full rights.
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Upbeat -- Tellers of state lender Bank Mandiri serve customers in a branch office in Jakarta. Bank Mandiri announced on Wednesday that it was ready to operate with full rights in Malaysia. (Tempo/-)
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tate-owned lender Bank Mandiri announced on Wednesday it would soon pay 100 million ringgit (US$24.6 million) to Malaysia’s central bank, Bank Negara Malaysia (BNM), to operate in Malaysia with full rights.
Bank Mandiri corporate secretary Rohan Hafas said the lender had opened one branch office in Malaysia. However, it had not yet operated as a full bank but only been providing remittance services for Indonesian migrants working in the country, he went on.
“We will meet the capital requirement of 300 million ringgit by the end of this year, so that we can operate soon after the permit is issued by BMN,” Rohan told reporters.
He referred to a bilateral agreement signed by the Financial Services Authority (OJK) and BNM on Monday, which enables banks from the two countries to establish subsidiaries in the respective other country with domestic privileges. Under the agreement, Indonesian banks are required to meet a capital requirement of 300 million ringgit.
Rohan said Bank Mandiri fulfilled the requirements of a Qualified ASEAN Bank to expand within ASEAN.
To qualify, the majority of a bank’s shares must be owned by an ASEAN native. It must also have strong capital and a good banking history. (vny/ebf)
