Jakarta: PT Bank CIMB Niaga Tbk on 3 November 2008 announced that it has completed its legal merger with PT Bank Lippo Tbk on 1 November 2008. The merger was effected after CIMB Group Sdn Bhd acquired 51% of LippoBank shares from Santubong Investments BV, on 28 October 2008, and followed by LippoBank’s shareholders to exchange their shares to Bank CIMB Niaga’s. LippoBank’s shares were de-listed from the Indonesia Stock Exchange.
Shareholders of both Bank CIMB Niaga and LippoBank who opted to sell their shares to CIMB Group received their cash payment on 7 November 2008. At the end of the merger exercise, CIMB Group emerges as the controlling shareholder in Bank CIMB Niaga with 77.75%.
“We are pleased to announce the legally complete Indonesia’s first banking merger under the government’s single presence policy. This merger for growth creates a stronger and larger bank that is poised to offer a more comprehensive range of products and services to our customers,” said Arwid Rasyid, the new President Director of Bank CIMB Niaga, at the launch of Bank CIMB Niaga logo today.
With the merger, Bank CIMB Niaga’s total assets increase to around Rp100 trillion, and is supported by almost 11.000 professional employees. Its products and services are now offered through a wider network of over 650 branches and 1.450 ATM and Self Service Terminal (SST) services across 120 cities nationwide.
“The merged bank combines the inherent strengths of Bank CIMB Niaga in home loans and corporate banking with LippoBank’s leadership in retail banking and payment process, and is backed by CIMB Group’s regional universal baking platform. With these strengths we are confident to give the best service to our customers in Indonesia,” said Arwin.
Now, customers of both Bank CIMB Niaga and LippoBank will continue performing their banking transactions as usual, as full business integration, including branch conversions and systems integration will only be completed at the end of 2009. Customers can however, begin enjoying certain benefits with immediate effect, including a waiver of inter-bank fees for cash withdrawals at Bank CIMB Niaga and LippoBank ATM machines. Customers can also familiarize themselves with Bank CIMB Niaga products – such as applying CHIP EMV credit card (Europay, Mastercard and Visa Chip Card) – at branded Bank CIMB Niaga spaces within selected branches.
“We look forward to providing our customers the full advantages of banking as the our operations activity is fully integrated. The customers will continue to enjoy the high level of service quality and financial security, and can expect to see more innovative financial solutions in the coming months,” said Arwin.
About Bank CIMB Niaga
Bank CIMB Niaga was established in 1955. In November 2008, Bank CIMB Niaga merged with PT Bank Lippo Tbk and about 77.75% shares of merged bank are owned by CIMB Group. This bank offers a comprehensive banking product and services, both conventional and sharia, through 650 branches in 120 cities in Indonesia. Bank CIMB Niaga has almost 11.000 employees from both Bank CIMB Niaga and LippoBank.
CIMB group is Malaysia’s second largets financial service provider and one of OUtheast Asia’s leading universal banking group. Headquartered in Kuala Lumpur, its key regional offices are located in Singapore, Indonesia and Thailand. CIMB Group is owned by Bumiputra-Commerce Holdings Bhd, which is listed on Bursa Malaysia with a market capitalization of over US$10billion. The Group has over 24.000 employees located in 9 countries.