CIMB Niaga

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PT Bank CIMB Niaga Tbk.
Type Public/subsidiary
Traded as IDXBMGA
Industry Financial services
Founded 1955 (as Bank Niaga)
Headquarters Jakarta, Indonesia
Key people Nazir Razak
Parent CIMB
Website www.cimbniaga.com

PT Bank CIMB Niaga Tbk (CIMB Niaga) is Indonesia's fourth largest bank by assets, established in 1955. CIMB Niaga, which is majority-owned by CIMB Group, is the largest payment bank in terms of transaction value under the Indonesian Central Securities Depository. With 11% of market share, CIMB Niaga is the third largest mortgage provider in Indonesia. [1]

History[edit]

Early years[edit]

CIMB Niaga was formerly known as Bank Niaga, which was first established in 1955 as a national private bank. After it was set up, the bank focused on establishing trust with its customers and on the well-being and professionalism of its employees. In 1969 when crisis hit the private sector in Indonesia, Bank Niaga remained sound and was eligible for Bank Indonesia’s Guarantee. Then in November 1974, Bank Niaga revamped its business plans and became a full service public bank to better meet the demands of customers.

Bank Niaga 1955[edit]

After a merger period with several other commercial banks, the function and individuality of the Bank were restored in 1975. The status was resumed to that of a state-run commercial bank. The official name was changed to "Bank Niaga 1955".

In 1976, the bank launched a Professional Loan Program, providing loans for professionals like engineers and doctors. In 1981 and 1982, Bank Niaga 1955 became the first bank in Indonesia to apply an online banking system as well as a network system for its branches. It introduced a foreign currency exchange network in various branches in 1985 along with a variety of new products.

In 1987, Bank Niaga 1955 set itself apart from the competition when it became the first bank in Indonesia to introduce ATM services.

Bank Niaga[edit]

In June 1989, Bank Niaga made an initial public offering (IPO) to be listed on the Indonesian Stock Exchange. The shares were over-subscribed by four times the issued shares at 20.9 million shares.

In 1998, Bank Niaga expanded its customer base and began providing services to upper-middle class customers.

In 1999, Bank Niaga was put under the supervision of the Indonesian Bank Restructuring Agency, because it did not meet the 20% shareholders’ funds required for the recapitalization exercise.

CIMB Niaga[edit]

In 2002, Commerce Asset-Holding Berhad (now known as CIMB Group) acquired Bank Niaga. It was re-branded in May 2008 from PT Bank Niaga Tbk to PT Bank CIMB Niaga Tbk.

Recent development (CIMB Niaga)[edit]

Later on 1 November 2008, Khazanah Nasional Berhad, as the ultimate shareholder of Bank CIMB Niaga (via CIMB Group) and of Lippo Bank, merged the two financial institutions together under Bank Indonesia’s Single Presence Policy.[2]

See also[edit]

References[edit]

External links[edit]