Bank Mandiri Tbk (BMRI) targets to acquire financial firms in the Philippines, Vietnam, and Myanmar next year. The expansion will increase its international business contribution from 5% to 10% of its total revenue in the next five years.
Pahala N Mansury, the Director of Finance and Strategic from BMRI, said that expansion to these countries will be done by its subsidiary, Mandiri Capital Indonesia. “The acquisition targets can be banks, financing companies or fintech (financial technology) companies,” said Pahala. The study of this expansion will be completed in the next 1-2 months.
This year, BMRI will focus on expanding in Malaysia by improving status from remittance branch office to full branch. BMRI will work on potential clients, which are the Indonesian companies that are being operated in Malaysia and Malaysian companies that are being operated in Indonesia.
At the closing in trading on Wednesday (3/8), BMRI share had dropped by 2.1% to 10.425 IDR. Indopremier Securities recommended Buy for BMRI with a target price 12.000 IDR. (*)
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