Jakarta, 24 February 2015 - Bank Mandiri is committed to facilitating Indonesian people overseas in sending home remittances. To that end, the Bank has teamed up with the state pawnshop operator, Pegadaian, to better serve those sending and receiving remittances.

During 2014, the transaction value of retail international money transfers (retail remittances) conducted through Bank Mandiri amounted to USD 38.937 million, up 27% compared to the previous year, when the corresponding figure was USD 30.628 million. These were made up of 30 percent outgoing retail transactions and 70 percent incoming.

Transaction frequency was supported by remittances from Indonesian migrant workers, who account for 20% of all remittances (wholesale and retail).

According to Mandiri's Managing Director of Consumer Banking Abdul Rachman, the collaboration with Pegadaian will allow migrant workers to send money to their families throughout the country.

"We estimate that there are 4 million Indonesian migrant workers spread across various countries. Based on this, we believe that the remittance business has the potential to grow by up to 20%," said Abdul Rahman.

According to Bank Mandiri records, some 40% of total remittances sent through the Bank are to destinations in East Java province, while 25% are sent to Central Java Province and the rest to various other parts of the country.

To further develop the business, Bank Mandiri has also entered into partnerships with more than 80 correspondent banks and remittance partners that operate thousands of branches to support the growth of the remittance business. Going forward, the Bank plans to continue to develop collaborative ventures with other correspondent banks and partners.

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