Bank Danamon

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PT Bank Danamon Indonesia Tbk.
TypePublic
IDXBDMN
IndustryFinancial services
FoundedJuly 16, 1956 (1956-07-16)
HeadquartersJakarta, Indonesia
Key people
Yasushi Itagaki, President Director
RevenueIncrease Rp 14.579 trillion (2019)
Increase Rp 4.074 trillion (2019)
Total assetsIncrease Rp 193.53 trillion (2019)
Total equityIncrease Rp 45.41 trillion (2019)
Number of employees
28,059 (2019)
ParentMitsubishi UFJ Financial Group[1]
Subsidiaries
Websitewww.danamon.co.id

PT Bank Danamon Indonesia Tbk. is an Indonesian bank established in 1956. It is the sixth largest bank of Indonesia by asset size.[2]

History[edit]

Bank Danamon was established on July 16, 1956 as PT Bank Kopra Indonesia. In 1976, the bank's name was changed to PT Bank Danamon Indonesia. It began focusing on foreign exchange transactions in 1976 and listed its shares on the Jakarta Stock Exchange in 1989.

Suffering liquidity problems amid the Asian financial crisis, Danamon was in 1997 placed by the government under the supervision of the Indonesian Bank Restructuring Agency (IBRA). In 1999, the government through IBRA, recapitalized Danamon with Rp 32 billion in Government Bonds. In the same year, some banks taken over by the government merged with Bank Danamon as one part of IBRA's restructuring plan.

In 2000, Bank Danamon merged with another eight banks taken over by the government, further increasing Danamon's size.

Over the next three years, Danamon underwent a massive restructuring, which covered management, human resources, organization, information systems, statutes and company logos. These changes sought to boost the bank's growth, transparency and professionalism.

In 2003, a consortium of Asia Finance Indonesia, under the control of Singapore's Temasek Holdings, bought a majority stake in Danamon. The new management sought to further improve Danamon's performance and position.

In 2008, Danamon adopted the slogan "Untuk Anda, Bisa" ("For You, Can").

In December 2017, Japan's Mitsubishi UFJ Financial Group (MUFG) bought a 19.9% stake in Danamon from Temasek Holdings for Rp 15.875 trillion ($1.17 billion). The price indicated Danamon was valued at about $6 billion. In July 2018, Indonesia's Financial Services Authority (OJK) approved MUFG’s plan to purchase a further 20.1% stake from Asia Financial.[3] On April 2019, MUFG announced the merger of Danamon and Bank Nusantara Parahyangan (BNP). The merger resulted in MUFG becoming the majority shareholders with 94.1% stake of Bank Danamon.[4]

Subsidiaries[edit]

  • PT Adira Dinamika Multi Finance Tbk (Adira Finance)
  • PT Asuransi Adira Dinamika (Adira Insurance)
  • PT Adira Quantum Multifinance (Adira Kredit)

References[edit]

  1. ^ Tambah Kepemilikan di BDMN dan BBNP, MUFG Transaksi Saham Rp49,6 Triliun
  2. ^ "Indonesia-Investments.com:Bank Danamon company profile". April 1, 2014.
  3. ^ Silviana, Cindy (July 31, 2018). "Indonesia approves MUFG's stake increase in Bank Danamon to 40 percent". Reuters. Reuters. Retrieved January 21, 2019.
  4. ^ "MUFG Bank Increases Shareholdings in Bank Danamon and Bank BNP". www.businesswire.com. April 29, 2019. Retrieved October 21, 2020.

External links[edit]