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

History

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 Jakarta Stock Exchange (JSX) ( Indonesian: Bursa Efek Jakarta (BEJ)) was a stock exchange based in Jakarta, Indonesia, before it merged with the Surabaya Stock Exchange to form the Indonesia Stock Exchange. History Originally opened in 1912 und ...

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 The establishment of the Indonesian Bank Restructuring Agency (IBRA) ( id, Badan Penyehatan Perbankan Nasional, BPPN), "National Banking Revitalization Agency") in early 1998 was one of a series of steps taken by the Indonesian government, in a ...

(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 Temasek Holdings (Private) Limited, or simply Temasek, is a Singaporean state holding company owned by the Government of Singapore. Incorporated on 25 June 1974, Temasek owns and manages a total of US$496.59 billion (S$671 billion) in assets u ...

, 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 July 2017, Danamon adopted the slogan "Saatnya Pegang Kendali" ("It's Time to Take Control"). In December 2017, Japan's

Mitsubishi UFJ Financial Group is a Japanese bank holding and financial services company headquartered in Chiyoda, Tokyo, Japan. MUFG holds assets of around US$3.1 trillion as of 2016 and is one of the "Three Great Houses" of the Mitsubishi Group alongside Mitsubishi Corp ...

(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. In 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. In December 2019, Danamon sold most of its share of Adira Insurance to Zurich Insurance Company, making Danamon a minority shareholder.

Subsidiaries

* PT Adira Dinamika Multi Finance Tbk (Adira Finance) * PT Adira Quantum Multifinance (Adira Kredit)

References

Works cited

Serikat Pekerja Danamon

History

Subsidiaries

References

Works cited

External links