The funds from Bank Mandiri were part of a $600 million syndicated loan granted together with eight foreign banks, the closing ceremony of which was held in Hong Kong on Thursday.

As Bank Mandiri is the only Indonesian lender, it is the mandated lead arranger (MLA).

Bank Mandiri wholesale director Royke Tumilar said distributing the loan via a cross-border transaction scheme was quite challenging because it involved navigating the regulations of several countries.

“Bank Mandiri’s involvement in the financing scheme is expected to build Pertamina’s trust in our corporation and to support Pertamina's global businesses,” he said during the syndicated loan closing ceremony.

Royke said the lender’s collaboration with Pertamina also included banking products and services to help Pertamina increase its efficiency in managing liquidity such as national pooling and cash cards.

The bank would also offer solutions for daily forex transactions, derivative transactions and tripartite treasury, he said, adding that other cooperation schemes included developing a corporate payable and auto-collection daily transaction system.

“Mandiri not only offers solutions for corporations, but also for employees in the form of consumer financing and other services,” he added.  (bbn)

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