CIMB Niaga upholds Good Corporate Governance practices beyond compliance and good-governing.
Bank CIMB Niaga was incorporated on 26 September 1955 under the name of Bank Niaga. During the initial decades of its operations, the Bank’s focus was on building core values and developing professionalism in banking. As a result, Bank CIMB Niaga soon came to be recognized as a trusted provider of quality products and services. In 1987, Bank Niaga distinguished itself in the local marketplace by becoming the first Indonesian bank to provide customers with access to their accounts through ATM access. In many ways this came to be recognized as Indonesia’s entry into the modern banking era. Bank CIMB Niaga’s leadership in the application of technology was further enhanced in 1991 when it became the first bank to provide on-line banking facilities.
Bank Niaga was listed on the Jakarta and Surabaya Stock Exchange (now the Indonesia Stock Exchange/IDX) in 1989. The decision to become a publicly listed company was a key milestone for the Bank which enabled greater access to capital financing. In many respects this was the key catalyst that launched the Bank’s nationwide expansion.
The Government of Indonesia would temporarily secure a majority shareholding of Bank CIMB Niaga in the wake of the Financial Crisis in the late 1990s. In November 2002 Commerce Asset-Holding Berhad (CAHB), now known as CIMB Group Holdings Berhad (CIMB Group Holdings), acquired a majority control of Bank Niaga from the Indonesia Bank Restructuring Agency (IBRA). It subsequently transferred its shares in the Bank to CIMB Group in August 2007 as part of an internal reorganization to consolidate all its operating subsidiaries under CIMB Group as the universal banking platform.
In an entirely separate transaction, Khazanah the majority shareholder of CIMB Group Holdings acquired majority ownership of LippoBank on 30 September 2005. It would subsequently transfer its shares to CIMB Group on 28 October 2008 as part of the same internal reorganization.
Since 2007, Khazanah as the ultimate shareholder of Bank Niaga (via CIMB Group) and of LippoBank, had envisaged the merger as a means to secure the majority shareholders’ obligations toward Bank Indonesia’s Single Presence Policy. The union is the first merger to specifically fulfill these conditions. In May 2008, Bank Niaga changed its name to become Bank CIMB Niaga. Bank CIMB Niaga’s and LippoBank’s Merger Plan Agreement was signed in June 2008. This was subsequently followed by Merger Plan Approval from Bank Indonesia and the issuance of a Merger Notification’s Acceptance Letter from the Ministry of Justice and Human Rights in October 2008. LippoBank officially merged into Bank CIMB Niaga on November 1, 2008 (Legal day 1 or LD1) and launched the Bank’s new logo in recognition.
The merger of LippoBank into Bank CIMB Niaga represents the single greatest leap forward to occur in Southeast Asia’s banking sector in recent times. Bank CIMB Niaga now offers its customer the most comprehensive portfolio of universal banking services available in Indonesia, combining its strengths in retail, SME and corporate banking as well as payment services. The merger makes Bank CIMB Niaga the 5th largest bank in terms of assets, deposits, lending and branch distribution network. Through its commitment to Integrity, perseverance to always place Customers first and passion for Excellence, Bank CIMB Niaga will continue to leverage its strengths to fully realize all of the synergies which the merger has to offer. These are the core values of Bank CIMB Niaga and are its obligations for the dynamic and promising road ahead.
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