CIMB Niaga Syariah (Indonesia)

CIMB Niaga Syariah, located in South Jakarta, is a bank that was established on September 26, 1955, under the name PT Bank Niaga. It obtained a business license as a commercial bank in November 1955 and later became known for its quality products and services. In 1987, CIMB Niaga became the first local bank in Indonesia to offer banking services through ATMs. The bank went public in 1989 and became the first bank to provide online banking services in 1991. In 2004, CIMB Niaga started conducting banking activities based on Sharia principles. The majority ownership of the bank was transferred to the Indonesian government in 1998 due to the Asian financial crisis, and in 2002, CIMB Group Holdings Berhad acquired a majority of shares in the bank. In 2007, CIMB Group became the majority shareholder of CIMB Niaga, and the bank's shares are now owned by CIMB Group Sdn. Bhd. As the controlling shareholder, CIMB Group completed a merger with Lippo Bank in compliance with the Single Presence Policy set by Bank Indonesia. This merger was the first of its kind in Indonesia.