State Bank of India 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 “Bank DEVISA” 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 PasarGunungTampomas Jaya. In 1986, Bank PasarGunungTampomas 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 6 sub-branches spread over four major cities of Indonesia i.e, Jakarta, Bandung, Surabaya and Medan. Furthermore, there are one cash points, at Embassy of India in Jakarta. The Kantor Pusat Non-Operational (Head office) was shifted to be centrally located in Graha Mandiri Building along with the Kantor Pusat Operational (Main branch) in January 2009. The other branches in Jakarta are located at PasarBaru and Mangga Dua meanwhile the sub-branches are at Sunter, Melawai, KebonJeruk, Jatinegara and Tanah Abang. The main branch in Surabaya is at Rajawali, in Bandung, the branch is at Jl.Abdul Rifai and the sub-branch is at Jl. Buah Batu. In Medan the branch is at Jl. H. Zainul Arifin.