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PT Bank CIMB Niaga Tbk. Type Public/Subsidiary Industry Financial services Headquarters Jakarta, Indonesia Key people Arwin Rasyid , CEO/President Director Parent CIMB Website CIMB Niaga website PT Bank CIMB Niaga TBK ('CIMB Niaga') was established in 1955. It is currently the fifth largest bank in Indonesia by assets. BCHB became the majority shareholder in November 2002 after it acquired a strategic stake from the Indonesian Government via the Indonesian Bank Restructuring Agency (IBRA). CIMB Niaga is currently the second largest mortgage provider in Indonesia with a 10.3% market share..[1] Contents 1 History 2 References 3 See also 4 External links History CIMB Niaga was priorly known as Bank Niaga. Bank Niaga was first established 1955 as a national private bank. After establishment, the bank focused on establishing trust with its customers and focusing on the well being and professionalism of its employees. In 1969 when crisis hit the private sector in Indonesia, Bank Niaga survived being sound enough to be eligible for Bank Indonesia’s Guarantee. Then in November 1974, Bank Niaga adjusted their business plans and became a full service bank to meet the demands of their customers. During the years of 1981 and 1982, Bank Niaga became the first bank in Indonesia to apply an online banking system as well as a network system for its branch offices. Then, in 1976, the bank launched a Professional Loan Program, loans for professionals like engineers, doctors, etc. It then announced an authorized money changer network in various offices in 1985 along with a variety of new products. In the late 80s, Bank Niaga decided to change its corporate image by changing their logo. Bank Niaga became the first bank in Indonesia to introduce ATM services. In June 1989, Bank Niaga made an initial public offering (IPO) to go public. The shares had been over subscribed by four times the issued shares at 20.9 million shares. In 1998, Bank Niaga began providing services to the upper-middle class customers, expanding their customer base. In 1999 Bank Niaga was put under the supervision of the Indonesian Bank Restructuring Agency. However, it was not involved in the corrupt practices related to the agency. The take over by the IBRA was due to the lack of shareholder funding of 20% for recapitalization. In 2002, Bumiputra-Commerce Holdings Berhad acquired Bank Niaga. It then was re-branded in 2008 from PT Bank Niaga Tbk. To PT Bank CIMB Niaga Tbk. Later in 2008, due to Khazanah Nasional Berhad holding two Indonesian banks (CIMB Niaga and Lippo Bank), both the banks had to be merged under Bank Indonesia’s Single Presence Policy.[2] References ^ CIMB Group subsidiary information ^ CIMB Niaga History See also CIMB External links CIMB Group Official Site CIMB Niaga Official Site (Indonesian) Scholarship Information from CIMB Niaga