JAKARTA: Mandiri Bank, a state-owned enterprise bank in Indonesia has allocated US$120 million for IT development in 2011.
Mandiri Bank plans to add 2,000 new ATMs and replace 500 old ones, at an estimated cost between US$12.5 to 15 million, and are also planning to add 45,000 Electronic Data Capture (EDC) machines.
The Banks will be looking to expand their internet and SMS banking services as well to better support their efforts in electronic banking.
Mandiri Bank assets are worth US$638 million and Mandiri was recently listed as one of the 500 most valuable banking brands in the world, as published by Brand Finance.
Source: Investor Daily
