Company History

PT Bank CIMB Niaga Tbk, hereinafter referred to as “CIMB Niaga” or “Bank” was established on 26 September 1955 based on Deed of Establishment No. 90 made before Raden Meester Soewandi, Notary in Jakarta on 26 September 1955 with the name PT Bank Niaga, and amended with deed made before the same Notary, Deed No. 9 on 4 November 1955. This Deed of Establishment was approved by the Ministry of Justice of the Republic of Indonesia (now the Ministry of Law and Human Rights) through Decision No. J.A.5/110/15 dated 1 December 1955 and announced in the State Gazette of the Republic of Indonesia No. 71 dated 4 September 1956, Official Gazette No. 729/1956

On 11 November 1955, based on the Ministry of Finance of the Republic of Indonesia Decree No. 249544/U.M.II, the Bank obtained a business license as a commercial bank that was then followed by a license as a foreign exchange bank based on Bank Indonesia’s Board of Directors Decree No. 7/116/Kep/Dir/UD on 22 November 1974. The Bank became widely known as a trusted provider of quality products and services. In the course of its business, the Bank recorded a number of achievements and helped determine the direction of the banking industry development in the country.

In 1987, CIMB Niaga became the first local bank to launch banking services through Automatic Teller machine (ATM) in Indonesia. This achievement is widely regarded as Indonesia’s entry point into the modern banking world. On 29 November 1989, the Bank became a publicly listed company by listing the Bank’s registered shares, on the Indonesia Stock Exchange (formerly PT Jakarta Stock Exchange and PT Surabaya Stock Exchange). CIMB Niaga’s leadership and innovation in applying the latest technology became increasingly well known in 1991 by became the first bank to provide online banking services.

With a long-term vision, on 16 September 2004 the Bank began to conduct banking business activities based on Sharia principles after obtaining a business license through Governor of Bank Indonesia Decree No. 6/71/KEP.GBI.2004 by established Sharia Business Units.

Due to the Asian financial crisis, the majority shares ownership of the Bank was transferred to the Government of the Republic of Indonesia through the Indonesian Bank Restructuring Agency (IBRA). Then in 2002, CIMB Group Holdings Berhad (CIMB Group) formerly Commerce Asset Holding Berhad, acquired a majority shares in Bank from IBRA. In a separate transaction, Khazanah, the majority shareholder of CIMB Group, acquired a majority ownership of Lippobank on 30 September 2005.

In 2007, the total shares ownership was transferred to CIMB Group as part of an internal reorganization to consolidate the activities of all CIMB Group subsidiaries with a universal banking platform. The majority of the Bank’s shares, 92.5%, is owned directly and indirectly by CIMB Group Sdn. Bhd., which is the fifth largest universal banking group, among others in ASEAN with extensive regional networks in Indonesia, Malaysia, Thailand, Singapore, Cambodia, Brunei Darussalam, Vietnam, Myanmar, Laos and Philippines.

As the controlling shareholder of the Bank (through CIMB Group) and Lippobank since 2007, Khazanah took merger as a measure to comply with the Single Presence Policy (SPP) stipulated by Bank Indonesia. This was the first merger in Indonesia related to the SPP policy. In 2008 before the merger, PT Bank Niaga Tbk changed its name to PT Bank CIMB Niaga Tbk (rebranding) based on Deed No. 38 dated 28 May 2008, made before Dr. Amrul Partomuan Pohan, S.H., LLM, Notary in Jakarta and approved by the Ministry of Law and Human Rights of the Republic of Indonesia through letter No. AHU-32968.AH.01.02.Year 2008 dated 13 June 2008 and the Governor of Bank Indonesia Decree No. 10/56/KEP.GBI/2008 dated 22 July 2008.

Through the Governor of Bank Indonesia Decree No. 10/66/KEP.GBI/2008 dated 15 October 2008 regarding “Granting Permit for Business Merger of PT Bank Lippo Tbk to PT Bank CIMB Niaga Tbk”, and the Minister of Law and Human Rights Republic of Indonesia Letter No. AHU-AH.01.10-22669 dated 22 October 2008, the merger became effective on 1 November 2008, with the Bank merging Bank Lippo into CIMB Niaga. This merger received an effective notification from Bapepam-LK through letter No. S-4217/BL/2008 dated 30 June 2008. The effective date of the business merger with Bank Lippo took place on 1 November 2008 based on Deed No. 9 dated 16 October 2008, made before Notary Dr. Amrul Partomuan Pohan, S.H., LLM, Notary in Jakarta.

This merger is a monumental step in the Southeast Asian banking sector, and provided CIMB Niaga the advantage of connectivity to the ASEAN regional network through the CIMB Group. CIMB Niaga was successfully recorded in the category of Commercial Bank Business Activity (BUKU) 4 bank with a minimum core capital of Rp30 trillion.

CIMB Niaga now provides its customers a comprehensive range of banking products and services in Indonesia ranging from consumer banking, Small and Medium Enterprises (SME) banking, commercial banking, and corporate banking,supported by treasury and transaction banking capabilities and branchless banking networks. CIMB Niaga also offers commercial and sharia products and services through the CIMB Niaga Sharia Business Unit. One of CIMB Niaga’s advantages is its Transaction Banking capability, which offers a variety of products and services and comprehensive solutions for companies to manage their domestic and cross border financial operations transactions. These solutions include cash management, remittance, trade finance and value chain. With internet banking features such as BizChannel@CIMB’s for the corporate segment, corporate customers are given the convenience of being able to conduct a wide variety of payment transactions and also buying and selling foreign currencies online, without having to go to the CIMB Niaga branch office. These capabilities have earned CIMB Niaga several prestigious awards in the field of transaction and FX banking, as the Best Cash Management Bank, Best Trade Finance Bank and The Leading FX Provider in Indonesia.

As of December 31, 2020, CIMB Niaga was supported by 451 branch offices, 4,316 ATM units, 133 Cash Deposit Machines (CDM) and 801 Cash Recycle Machines (CRM) units, as well as 12,064 employees spread across Indonesia. By committing to integrity, perseverance to place top priority on customers and the spirit to continue to excel, CIMB Niaga will continue to utilize all its resources to create synergy between business units and the CIMB Group. These are the core values of CIMB Niaga and are obligations that must be fulfilled for a very promising future. The Bank believes it can continue to grow to be the leader and best in providing banking services to the community.