Mandiri Teams With India To Expand Remittance Unit
PT Bank Mandiri announced on Wednesday that it was expanding its international remittance business by forming a partnership with the local subsidiary of State Bank of India.
Thomas Arifin, Mandiri’s director, said there was enormous potential given the huge number of Indians working abroad in Asia. “Through the partnership, remittances through Mandiri in rupee and US-dollar denominations are expected to reach $3 billion.”
Trade between Indonesia and India over the last three years grew 35 percent annually and is expected to reach $15 billion this year.
JG
Related articles
Banks Target 50m Poor With Savings Program
7:37 PM 15/02/2010
Bank Ekspor to Convert Time Deposits Ahead of Its Shift to Export Financing
9:44 PM 29/05/2009
SOE Minister Vows to Back Bank Mandiri and BNI Rights Issues
10:31 PM 14/03/2010
Indonesian Lenders Planning to Create Credit Bureau to Expand Market Reach
7:42 PM 03/03/2010
Sarasin Bets on Western Brands in Emerging Markets
5:29 PM 23/02/2010
