Bank Mandiri plans buying micro banks

Availability of funds the allows the lender to expand network by buying medium sized banks.

PT Bank Mandiri (Persero) will focus on acquiring medium-sized banks operating in the small and medium business sectors. Zulkifli Zaini, a Bank Mandiri Director, said besides to expanding the network, Bank Mandiri was acquiring more banks because of available capital, according to a report in Tempo Interactive.

Bank Mandiri plans to acquire medium-scale banks with asset values of Rp10-20 trillion ($1.17 billion – $2.34 billion). “We have funds from the rights issue worth around Rp11.86 trillion ($1.39 billion), so, we have the money,” he added.