Indonesia-based Bank Mandiri is reportedly planning to open hundreds of new branches and cash outlets across the country as part of its strategy to boost revenues from micro business sector.
Agus Haryoto Widodo, senior vice president for micro business development at Mandiri said the bank, which already has 2,600 micro branch offices, aims to open 400 new branch offices to manage its micro lending next year, reported The Jakarta Post.
Go deeper with GlobalData
Under the expansion plan, the bank is also planning to open 50 cash outlets at traditional markets next year, bringing the total number of its outlets to 60.
Moreover, Mandiri micro and retail banking director Hery Gunardi said that the company expects to launch a new loan product that provides lower interest rate for micro loan customers.
Widodo said: "By opening outlets in markets, we will be able to directly reach micro-scale vendors. They often cannot leave their stalls because of the hustle and bustle of market activities, so we have to come to them.
"We require our customers to open a micro saving account every time they apply for a micro loan. In the future, the higher their micro saving balance, the lower their micro interest rate," Widodo added.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
