Bank Mandiri targets being in ASEAN big three

Lender launched plan of being in region's top 5 by 2014 and top 3 by 2020.

Bank Mandiri aims to be amongst the ASEAN biggest three banks by 2020.

"Mandiri Bank prepares itself to be the in top 5 in ASEAN by 2014 and top 3 by 2020," said Agus Martowardojo, reelected as managing director at the shareholders general meeting.

In 2014, said Director Pahala N. Mansyuri, the company targets a capitalisation growth of more than Rp225 trillion ($24.58 billion) to the current figure of Rp110 trillion ($12.01 billion).

The method is to conduct a second stage transformation.

Bank Mandiri's net profit last year increased 12 times from the 2005 profit of Rp603 billion ($65.86 million), when the first stage transformation began -- to Rp7.2 trillion ($786.45 million).

The gross credit ratio decreased from 25.2 percent in 2005 to 2.79 percent last year.

View the full story in Tempo Interactive.