Indonesia’s Mandiri Bank to enter Cambodia, Laos

• Aug 06, 2019

Indonesia’s Mandiri Bank, a state-owned institution, has announced its intention to enter the Cambodian and Laotian markets and has set up large investment funds to aid the move.

Local media reported on Friday that Rohan Nafas, Mandiri Bank corporate secretary, said the bank is now studying the best ways of penetrating these new markets.

“We are still exploring what sectors in these countries would be best for us, whether banking or finance,” Mr Nafas said, adding that these two nations present more opportunities as they have just started to develop.

When asked whether the bank is considering entering Vietnam, Mr Nafas said the industry there is more developed and competition a lot tougher.

Mandiri Bank enjoyed a strong business performance in H1, growing by 11.1 percent.

The bank’s announcement follows a recent report from the National Bank of Cambodia highlighting the strong growth of the local banking and microfinance sectors.

During the first half of the year, loans in the banking and microfinance sectors rose by about 22.4 percent.

The value of all outstanding loans reached $21.5 billion in the banking sector and $6.2 billion in the microfinance industry.

Cambodia and Indonesia recently pledged to boost bilateral trade, which rose moderately last year to reach $556 million in value.

Source: https://www.khmertimeskh.com/50630496/indonesias-mandiri-bank-to-enter-cambodia-laos/