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Bank Mandiri To Unveil Remittance Unit In Malaysia

The new unit would be established by the bank's subsidiary, Mandiri International Remittance, which is focused on developing remittance services

Bank Mandiri, an Indonesia-based bank, is all set to launch a new branch in Kuala Lumpur for collecting remittances from the scores of Indonesians working in Malaysia – reported Reuters.

According to the state agency in chage of migrant workers, in 2008, migrant Indonesians working in Malaysia, Middle East and Singapore had sent home approximately $8.2 billion. However, this year remittances are expected to witness a 10% drop, as firms are laying off workers owing to the ongoing global economic crisis.

Against this backdrop, in a text message sent to the news agency, Thomas Arifin, director for International Banking, said that the remittance unit would help the bank to increase its fee-based income. “The bank will initially cover millions of Indonesian workers who are working in Malaysia by progressively extending the number of outlets,” he added.