Bank Mandiri gets nod to launch China operations

In Shanghai, the lender will provide corporate fund collection, corporate loan distribution, export import trade transactions and remittance services.

PT Bank Mandiri plans to open a branch office in China this year. “We’re obtaining permission from the CBRC (China Banking Regulatory Commission)," Mandiri finance director, Pahala Mansyuri, said on Thursday.

The bank was granted permission to open a branch in Shanghai on November 3, 2010. However, it could not immediately open it because it still needs approval from China’s central bank, The People's Bank of China.

“We still need to obtain an additional permit,” said Pahala. As such, he estimated the expansion would be realized by the end of the year.

Bank Mandiri has been trying to open the branch office since 2007. In Shanghai, Mandiri will provide corporate fund collection, corporate loan distribution, export import trade transactions and remittance services.

View the full story in Tempo Interactive.