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JAKARTA (JP): Bank Mandiri, the country's largest bank, is set to shortcut its way into leading the retail market with the acquisition of PT Bank Internasional Indonesia (BII), despite critics claiming the move as untimely.
Bank Mandiri chief financial officer K. Keat Lee said he hoped the acquisition would accelerate Bank Mandiri's efforts to strengthen its base in the retail market.
"We find it (BII) to be a natural fit," he told The Jakarta Post in an interview on Friday.
Bank Mandiri, whose corporate banking accounts for some 82 percent of its credit portfolio, recently unveiled plans to acquire the largely retail-oriented BII.
Under the plan, BII will become a subsidiary of Bank Mandiri.
Lee said the acquisition would allow Bank Mandiri to instantly grab a …