Indonesia's largest state bank to open branch in Shanghai
Updated: 2011-11-01 13:20
(Xinhua)
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JAKARTA-- Indonesia's largest state-owned bank Mandiri plans to open a branch office in Shanghai, China on Nov 17, in a bid to facilitate transactions, local media reported here on Tuesday.
Mandiri president director Zulkifli Zaini was quoted by the Jakarta Post as saying that transactions using local currency would start in 2014.
Local regulations stipulate that foreign banks can operate foreign currency transactions three years after establishment.
With the establishment of the Mandiri Shanghai branch, which has been planned since 2006, Zulkifli said that as of 2014 Indonesians could directly transfer an amount of money from local currency to Rupiah with no need of converting first into US dollars.
Mandiri also plans to open other branches in Singapore and Malaysia.
