Mandiri's New CEO to Tackle Bad Loans Before Overseas Push
- Indonesian lender sees soured loans peaking at 3.5% this year
- Open to acquisitions; seeks business in Singapore, Malaysia
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PT Bank Mandiri, Indonesia’s largest bank by assets, will tackle rising bad loans as its top priority this year while setting a longer-term target to expand business abroad, said new Chief Executive Officer Kartika Wirjoatmodjo.
Non-performing loans will peak at around 3.5 percent of total credit this year, up from last year’s 2.5 percent, Wirjoatmodjo said in an interview at the bank’s headquarters in Jakarta last week. Bad debts are still building up from the commercial sector while those from commodities are already accounted for, he said.