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Mandiri Sekuritas expands into Singaporean market
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Mandiri Sekuritas employees work at its office in Jakarta recently. (Kontan/Carolus Agus Waluyo)
S
ecurities firm Mandiri Sekuritas, a subsidiary of state-owned lending giant Bank Mandiri, is ready to enter the Singaporean market in a bid to expand its distribution channel in the region.
Mandiri Sekuritas president director Silvano Rumantir said the company had upgraded the status of its branch office in Singapore to become a subsidiary, namely Mandiri Securities Pte. Ltd.
Mandiri Securities will provide non-rupiah denomination financing for companies in Indonesia, as well as expand the distribution of capital market services to global investors.
"So in Singapore we will expand the offshore distribution center, mainly to institutional investors," Silvano said during a media gathering in Bandung on Friday.
The decision was made after the company obtained a full license from the Monetary Authority of Singapore (MAS) to provide underwriting services and securities brokerage last month. "We will be the only securities firm in Indonesia which has a license in Singapore," he said.
Currently, Mandiri Sekuritas is used by more than 54,000 traders and investors in the stock market with total transactions of Rp 80.8 trillion and a market share of 3.9 percent in August.
It recorded daily transactions of Rp 500 billion, with 55 percent of them being made by institutional clients and 45 percent by retail customers. (ags)
