PT Bank CIMB Niaga Tbk Was Established In 1955 And Is The Sixth Largest Bank In Indonesia By Assets. CIMB Niaga Is Majority Owned By CIMB Group And Is The Largest Payment Bank By Transaction Value In Indonesia's Central Securities Depository. With An 11% Market Share, CIMB Niaga Is The Third Largest Mortgage Provider In Indonesia.
History
Bank Niaga
Bank Niaga And Lippo Bank Logo Until It Was Officially Merged Into CIMB Niaga On November 1, 2008.
The Bank Was Established In 1955 As A National Private Bank. In 1969, When The Crisis Hit The Private Sector In Indonesia, Bank Niaga Remained Sound And Qualified For A Guarantee From Bank Niaga. Then In November 1974, Bank Niaga Revised Its Business Plan To Become A Full-service Public Bank To Better Serve The Needs Of Its Customers.
After Merging With Several Other Commercial Banks, The Bank's Function And Personality Were Restored In 1975. The Status Was Restored As A State-owned Commercial Bank. The Official Name Was Changed To "Bank Niaga 1955".
In 1976, The Bank Launched A Professional Loan Program To Provide Loans To Professionals Such As Engineers And Doctors. In 1981 And 1982, Bank Niaga 1955 Became The First Bank In Indonesia To Apply An Online Banking System And A Web System For Its Branches. It Introduced A Foreign Currency Exchange Network In 1985 As Well As Various New Products In Various Branches.
In 1987, Bank Niaga 1955 Stood Out From The Competition By Becoming The First Bank In Indonesia To Introduce ATM Services.
In June 1989, Bank Niaga Went On An Initial Public Offering (IPO) That Will Be Listed On The Indonesian Stock Exchange. The Shares Were 4 Times Oversubscribed, Reaching 20.90 Million Shares.
In 1991, Bank Niaga Became The First Bank In Indonesia To Offer Online Banking Facilities.
In 1998, Bank Niaga Expanded Its Customer Base And Began Serving Upper-middle Class Customers.
In 1999, Bank Niaga Was Regulated By Indonesia's Bank Restructuring Agency Because It Did Not Meet The 20% Of Shareholder Funds Required For Recapitalization Activities.
In 2002, Commerce Asset-Berhad Holding (now Known As CIMB Group) Acquired Bank Niaga. In May 2008, A Few Months Before The Merger, It Was Renamed From PT Bank Niaga Tbk To PT Bank CIMB Niaga Tbk.
Lippo Bank
Lippo Bank Is The Ninth Largest Bank In Indonesia By Assets. It Was Established In 1948 As Bank Perniagaan Indonesia. In March 1989, Bank Perniagaan Indonesia Was Renamed Lippo Bank And Is Jointly Controlled By Mochtar Riady And Lippo Group. Indonesia Sold Its Stake In Bank Lippo As Part Of An Asset Disposal Aimed At Cutting The Government's Budget Deficit And Clawing Back 450 Trillion Rupiah Spent On Bailing Out The Bank After The Asian Financial Crisis In 1997. The Institution Took Over Bank Lippo From Its Former Owners, The Riady Family, After The Government Injected Capital Into The Lender In 1999 To Boost Capital. In February 2004, Swissasia Global Acquired A 52.1% Stake In Bank Lippo From Indonesia's Bank Restructuring Agency For $142 Million. The Family Continues To Hold A Minority Stake, In Part Through PT Lippo E-Net, Which Owns 5.6% Of The Lender, As Well As Control.
Former Lippo Bank (now CIMB Niaga Makassar Branch) In Makassar In May 2008
Lippo Bank's U.S. Subsidiary Was Embroiled In A Scandal Over Improper Donations To The Clinton-Gore Campaign. According To A 1998 Senate Governmental Affairs Committee Report, By 1992, When John Was Employed By Lippo Bank In California, "Mr. Huang Began Raising Illicit Foreign Funds For The DNC Through Lippo-owned Shelf Companies". The Money Ended Up In Democratic Coffers And Was Eventually Traced To "Greater China". Jen-Hsun Huang's Colleagues At Lippo Bank [...] Never Understood His Corporate Duties And Described Him As A'mystery Man ', "the Report Said.
On 26 August 2005, The Shareholders Of The Bank And Bank Indonesia Approved The Sale Of The 52.05% Controlling Stake Held By Swissasia Global To Santubong Investment B.V., Which Is Wholly Owned By Khazanah Holdings Berhad, The Investment Arm Of The Federal Government Of Malaysia. The Sale Took Effect On 30 September Of The Same Year.
Merger
Since Khazanah Holdings Berhad, Khazanah Holdings Berhad Pte.Ltd Through Santubong Investment BV And Greatville. The Gande Bank Of Indonesia Had To Merge In Order To Comply With The Central Bank Of Indonesia's "single-presence Policy" And Owned 64% Of CIMB Niaga Bank Through Bumiputra-Commerce Holdings. On November 1, 2008, Lippo Bank Officially Merged With CIMB Niaga Bank And Changed Its Name To PT Bank CIMB Niaga Tbk, An Indonesian Subsidiary Of CIMB Group.
In 2010, Lippo Group Acquired Nobu Bank And Immediately Returned To The Indonesian Banking Industry In 2010
