The Bank of Mandiri, the largest bank in Indonesia, has announced that it plans to open branches in the ASEAN countries of Vietnam, Myanmar and Thailand, as part of its plans to become the foremost lender in Southeast Asia.

According to the banks Vice President Riswinandi, Mandiri has set a target of becoming one of the five leading banks in ASEAN by 2013 and one of the top three banks in the region by 2020.

Created by the merger of four State banks more than a decade ago, the Bank of Mandiri started its first overseas commercial operation in Shanghai in China in November last year.

At present, the Jakarta based bank has total assets of 547 trillion Rp (58 billion USD).

After announcing that it was opening branches abroad, the banks share price rose by 2.9 percent to 7,150 Rp per share.-VNA