BANK Mandiri opened its Shanghai branch today to support bilateral trade between Indonesia and China and expand its international business.

The Jakarta-headquartered bank is the biggest bank in Indonesia in terms of assets and the first Indonesian bank to tap China's capital market.

It is committed to supporting increased trade between Indonesia and China, and to strengthening economic cooperation between the two countries, said Zulkifli Zaini, group CEO of the bank.

Trade with China has grown from US$18.2 billion in 2007 to US$49.15 billion last year, with non-oil and gas trade taking the lion's share. China has become Indonesia's second largest trading partner, he added.

"Through our Shanghai branch, we will develop new business and collaborative opportunities with both Chinese companies and companies from other Asian countries that wish to trade or invest in Indonesia," said Zulkifli.

The lender plans to apply for a yuan license in three years to support Indonesian customers and businesses in China, said Loke Poh Lam, general manager of the bank's Shanghai branch.

Source:shanghaidaily