RIYADH, 17 August 2005 — Bank Mandiri, the largest Indonesian bank in terms of assets, loans and deposits, is now one of the major banks in terms of sending remittances, said Tri C. Kusumo, the Riyadh-based representative of Bank Mandiri. Kusumo, while congratulating Indonesian workers on the occasion of the national day here yesterday, said that Bank Mandiri had tied up with Al-Rajhi Banking and Investment Corporation (ARABIC), to provide various banking services to the Indonesian workers.
Kusumo said Bank Mandiri’s strong business relations with ARABIC, which has more than 391 branches all over the Kingdom, was helped the Indonesian workers to use the banking and remittance services offered by the two financial institutions in a package.
“Besides electronic transfer of funds to Indonesia, drafts can also be made from Al-Rajhi’s outlets, which can be easily redeemed at any of the 711 Bank Mandiri branches in Indonesia,” said Kusumo.
He said that the transfer of funds to Bank Mandiri is always safe and secure, adding that the bank was the most profitable bank in Indonesia. Bank Mandiri is also one of the best capitalized banks in Asia with a Capital Adequacy Ratio (CAR) of more than 27 percent, several times over the eight percent required by the Bank of International Settlements (BIS). “The bank provides comprehensive financial service to more than 6 million corporate and individual customers as well as small- and medium-sized enterprises in Indonesia today,” said Kusumo.
“Established in October 1998, in the aftermath of the Asian financial crisis of 1997 and 1998, Bank Mandiri is a product of a merger of four state-owned banks: Bank Bumi Daya, Bank Dagang Negara, Bank Ekspor Impor and Bank Pembangunan Indonesia,” he said.
Bank Mandiri has also successfully turned around its balance sheet, its profitability and its way of doing business to become the preferred bank in Indonesia. One of Bank Mandiri’s greatest achievements has been the complete renovation of its technology platform.
The corporate customer base of Bank Mandiri represents the core of the Indonesia economy and the export sector. It includes well-known international names such as Garuda Indonesia, Semen Gresik dan Pertamina. By sector, it is well diversified and is particularly active in the mining, retail, cement, power, oil and gas and aviation sectors. Credit approvals and monitoring are subject to a highly structured “four eyes” approval process, which separates credit decisions from marketing decisions.
