Bank SBI Indonesia, PT (Indonesia)

PT Bank SBI Indonesia (the Bank) commenced its Indonesian banking journey when State Bank of India (SBI), the biggest bank in India, acquired 76% of shares of PT Bank Indomonex on December 14, 2006, and afterwards took over the management on July 2007 and begin operating in Indonesia as the subsidiary of SBI. In June 2009, the Bank attained the status as the foreign exchange bank, which authorized the Bank to engage in the business of foreign exchange transaction. Furthermore in the same year, the Bank changed its name to PT Bank SBI Indonesia with the intention to reflect the new ownership of the Bank. In August 2013, SBI acquired the additional 23% shares from PT Ravindo Jaya, which supplemented its share ownership to 99%. As of December 31, 2019, the Bank has 7 branch offices and 3 sub-branch offices located in Indonesia's major cities, Jakarta, Bandung, Surabaya, Semarang and Medan, and the Bank also has 1 cash point located in the Indian Embassy of Indonesia, Jakarta.