Mandiri Teams With India To Expand Remittance Unit
February 03, 2010
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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
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