CIMB Niaga
 |
|
| Public/subsidiary | |
| Traded as | : BMGA |
| Industry | Financial services |
| Founded | 1955 (as Bank Niaga) |
| Headquarters | Jakarta, Indonesia |
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Key people
|
Nazir Razak, Togar M. Siahaan (CEO) |
| Parent |
Commerce Kapital (1955-2002) Lippo Group (1997-2008) CIMB Group (2002-present) |
| Website | www |
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.
The bank 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.
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.
In June 1989, Bank Niaga made an initial public offering (IPO) to be listed on the . 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.
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.
Lippo Bank was Indonesia's 9th largest bank in Indonesia by the number of the assets. It was established in 1948 and controlled by ethnic Chinese Mochtar Riady together with the Lippo Group. Indonesia sold the stake in Bank Lippo as part of asset disposals aimed at cutting the government's budget deficit and recouping the 450 trillion rupiah it spent to bail out banks after the 1997 Asian financial crisis. Swissasia Global bought 52.1 percent of Bank Lippo in February 2004 from the Indonesian Bank Restructuring Agency for $142 million. The agency took control of Bank Lippo from its previous owners, the Riady family, after the government injected funds into the lender in 1999 to boost capital.
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Wikipedia