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Bank Mandiri eyes acquisition of Philippine banks

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Bank Mandiri eyes acquisition of Philippine banks

Indonesia state-owned PT Bank Mandiri (Persero) Tbk is conducting due diligence on two Philippines-based banks as part of efforts to expand into the country, Koran Tempo reported Aug. 8, citing the bank's distribution director, Hery Gunardi.

Bank Mandiri has not yet decided if it will acquire both the banks or just one, Gunardi said, noting that the bank is targeting to expand into the country in the first half of 2018. The news came after Indonesia's financial regulator and the Philippine central bank signed a letter of intent to integrate their banking markets under the ASEAN Banking Integration Framework.

The Indonesia bank is also seeking to open a branch in Malaysia.

Meanwhile, Bank Mandiri is looking to conduct a stock split, The Jakarta Post reported Aug. 8, citing Sulaiman Arif Arianto, the bank's vice president director. The bank will conduct the proposed stock split with a ratio of either 1:2 or 1:3.

The stock split plan is expected to be announced Aug. 21.