Shayne Heffernan has issued a Strong Buy PT Bank Mandiri (Persero) Tbk with a Price target of 9000RP by 2012.
Bank Mandiri is the largest bank in Indonesia in terms of total assets, loans and deposits. As per 31st December 2009, it has IDR 394.6 trillion (US$42 billion) in total assets. The Bank offers a broad range of banking products and services to its customers ranging from individuals and small and medium-sized enterprises (SMEs) to large corporations and Government entities.
Bank Mandiri was established and acquired ownership of the share capital of four state-owned banks on October 2, 1998. The four state-owned banks legally merged on July 31, 1999 and Bank Mandiri commenced commercial operations in August 1999. The Bank serves more than 8.7 million customers, which makes it, based on number of customers, one of the largest retail banks in Indonesia.
Customers also have access to their accounts through the Bank’s network of ATMs in Indonesia through arrangements with Indonesia’s other state-owned banks via the LINK network. Bank Mandiri has one of the largest foreign exchange networks in Indonesia with four overseas branch offices, one subsidiary, one representative office and two remittance offices.
Bank Mandiri, Singapore Branch is one of the Bank’s four overseas branches. Besides Singapore, the Bank also has branches in Cayman Islands, Dili (Timor Leste), Hong Kong, a subsidiary in London, a representative office in Shanghai and two remittance office in Hong Kong and Malaysia. The Singapore branch operates under an offshore banking licence granted by the Monetary Authority of Singapore on 31 July 1999.