The name of Bank SBI Indonesia emerged when State Bank of India (SBI) acquired 76 % shares of PT Bank Indomonex on December 14th, 2006, took over the management control in June 2007 and operates in Indonesia as a foreign subsidiary of State Bank of India. In June 2009 the bank attained the status of Foreign Exchange Bank which entitled the bank to conduct business in Foreign exchange transactions. Subsequently in 2009 the name of the bank was changed to Bank SBI Indonesia to reflect the new ownership of SBI. SBI has acquired another 23 % stake and increased its stake to 99 %.
The Bank was initially established as a Pasar Bank in 1970 and was known as Bank Pasar Gunung Tampomas Jaya. In 1986, Bank Pasar Gunung Tampomas Jaya was taken over by Ravindo Jaya Group and Mr. Ishwar T Daryanani. The Pasar Bank was converted into Commercial Bank in 1990 and the name was changed to PT Bank IndoMonex.
At present the Bank SBI Indonesia has 6 branches and 8 sub-branches spread over four major cities of Indonesia i.e, Jakarta, Bandung, Surabaya and Medan. Furthermore, there is cash point, located at Embassy of India in Jakarta.
State Bank of India Profile (SBI) :
State Bank of India (“SBI”) is the ultimate shareholder of Bank SBI Indonesia. SBI is also a banking company which has the biggest assets in India and headquartered in Mumbai, India.
The origins of State Bank of India date back to 1806 when the Bank of Calcutta (later called Bank of Bengal) was established. In 1921, the Bank of Bengal and two other Banks (Bank of Madras and Bank of Bombay) were amalgamated and united to form the Imperial Bank of India. In 1955, the Reserve Bank of India acquired the controlling interests of the Imperial Bank of India and SBI was created by an act of Parliament to succeed the Imperial Bank of India.
SBI has broad administrative structure, controlling large network of branches in India and foreign countries. Its Corporate Centre located in Mumbai, India. SBI has 14 Local Head Offices, 57 Zonal Offices, and 191 foreign offices in 36 countries all over the globe.