Bank Danamon

Last updated

PT Bank Danamon Indonesia Tbk
Company type Public
IDX:  BDMN
Industry Financial services
FoundedJuly 16, 1956 (1956-07-16)
Headquarters Jakarta, Indonesia
Key people
Daisuke Ejima, President Director
RevenueIncrease2.svg Rp 14.579  trillion (2019)
Increase2.svg Rp 4.074 trillion (2019)
Total assets Increase2.svg Rp 193.53 trillion (2019)
Total equity Increase2.svg Rp 45.41 trillion (2019)
Number of employees
8,926 (2020)
Parent MUFG Bank [1]
Subsidiaries
Website www.danamon.co.id

PT Bank Danamon Indonesia Tbk is an Indonesian bank established in 1956. It is the sixth largest bank of Indonesia by asset size. [2]

Contents

History

In December 2017, Japan's Mitsubishi UFJ Financial Group (MUFG) bought a 19.9% stake in Danamon from Temasek Holdings for Rp 15.875 trillion ($1.17 billion). The price indicated Danamon was valued at about $6 billion. In July 2018, Indonesia's Financial Services Authority (OJK) approved MUFG's plan to purchase a further 20.1% stake from Asia Financial. [3] In April 2019, MUFG announced the merger of Danamon and Bank Nusantara Parahyangan (BNP). The merger resulted in MUFG becoming the majority shareholders with 94.1% stake of Bank Danamon. [4]

In December 2019, Danamon sold most of its share of Adira Insurance to Zurich Insurance Company, making Danamon a minority shareholder. [5]

Related Research Articles

<span class="mw-page-title-main">ING Group</span> Dutch multinational banking and financial services corporation

The ING Group is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, wholesale banking, private banking, asset management, and insurance services. With total assets of US$967.8 billion, it is one of the biggest banks in the world, and consistently ranks among the largest banks globally.

<span class="mw-page-title-main">BNP Paribas</span> French multinational banking and financial services company

BNP Paribas is a multinational universal bank and financial services holding company headquartered in Paris, France. It was founded in 2000 from the merger of two of France's foremost financial institutions, Banque Nationale de Paris (BNP) and Paribas. It also incorporates many other major institutions from successive mergers and acquisitions, including Fortis Group in Belgium, Direkt Anlage Bank in Germany, Banca Nazionale del Lavoro in Italy, Banque Générale du Luxembourg in Luxembourg, and Türk Ekonomi Bankası in Turkey. The Group has also been present in the United States through its subsidiaries Bank of the West until 2023 and First Hawaiian Bank until 2019. With 190,000 employees, the bank is organized into three major business areas: Commercial, Personal Banking & Services (CPBS); Investment & Protection Services (IPS); and Corporate & Institutional Banking (CIB).

<span class="mw-page-title-main">Aviva</span> British insurance company

Aviva plc is a British multinational insurance company headquartered in London, England. It has about 18 million customers across its core markets of the United Kingdom, Ireland and Canada. In the United Kingdom, Aviva is the largest general insurer and a leading life and pensions provider. Aviva is also the second largest general insurer in Canada.

<span class="mw-page-title-main">Zurich Insurance Group</span> Swiss insurance company

Zurich Insurance Group Ltd is a Swiss insurance company, headquartered in Zürich, and the country's largest insurer. As of 2021, the group is the world's 112th largest public company according to Forbes' Global 2000s list, and in 2011, it ranked 94th in Interbrand's top 100 brands.

<span class="mw-page-title-main">Fortis Group</span>

Fortis, formally Fortis N.V./S.A., was a Benelux-centered global financial services group active in insurance, banking and investment management, initially formed in 1990 by a three-way Belgian-Dutch merger and headquartered in Brussels. It grew rapidly through multiple acquisitions, and in 2007 was the 20th largest financial services business in the world by revenue. It was listed on the Euronext Brussels, Euronext Amsterdam, and Luxembourg stock exchanges.

<span class="mw-page-title-main">Banco de Oro</span> Large bank in the Philippines

BDO Unibank, Inc., commonly known as Banco de Oro (BDO), is a Philippine banking company based in Mandaluyong, the Philippines. BDO Unibank is a member of the SM Group and so can be found at SM Malls throughout the country.

<span class="mw-page-title-main">Mitsubishi UFJ Financial Group</span> Japanese bank holding and financial services company

Mitsubishi UFJ Financial Group, Inc. is a Japanese bank holding and financial services company headquartered in Chiyoda, Tokyo, Japan.

<span class="mw-page-title-main">MUFG Bank</span> Japanese bank

MUFG Bank, Ltd. is a Japanese bank. Its headquarters is located in Marunouchi, Chiyoda, Tokyo, and it has 772 domestic branches and 76 overseas branches. It was established on January 1, 2006 through the merger of the Bank of Tokyo-Mitsubishi, Ltd and UFJ Bank Limited. MUFG Bank, along with Sumitomo Mitsui Banking Corporation and Mizuho Bank, is recognized as one of the three major megabanks in Japan.

<span class="mw-page-title-main">Custodian bank</span> Type of financial institution

A custodian bank, or simply custodian, is a specialized financial institution responsible for providing securities services. It provides post-trade services and solutions for asset owners, asset managers, banks and broker-dealers. It is not engaged in "traditional" commercial or consumer/retail banking like lending.

Saudi National Bank (SNB), also known as SNB AlAhli, formerly known as The National Commercial Bank (NCB), is the largest commercial bank in Saudi Arabia.

<span class="mw-page-title-main">Intesa Sanpaolo</span> Italian banking group

Intesa Sanpaolo S.p.A. is an Italian international banking group. It is Italy's largest bank by total assets and the world's 27th largest. It was formed through the merger of Banca Intesa and Sanpaolo IMI in 2007, but has a corporate identity stretching back to its first foundation as Istituto Bancario San Paolo di Torino in 1583.

ICICI Lombard General Insurance Company Limited is a general insurance company in India. It is engaged in general insurance, reinsurance, insurance claims management and investment management.

<span class="mw-page-title-main">PPF (company)</span> Financial group

PPF Group is an international diversified investment group founded in 1991 in the Czech Republic. PPF Group invests in a variety of sectors, including banking and financial services, telecommunications, media, biotechnology, real estate and industry. The geographical reach of PPF Group spans Europe, North America and Asia. It is currently active in the Czech Republic, Slovakia, Serbia, Hungary, Switzerland, Ukraine, Turkey, Netherlands, Bulgaria, Croatia, Poland, Romania, Slovenia, Kazakhstan, Finland, Germany, India, Indonesia, Vietnam, Philippines, China, France, United Kingdom and the United States.

The 2008–2009 Belgian financial crisis is a major financial crisis that hit Belgium from mid-2008 onwards. Two of the country's largest banks – Fortis and Dexia – started to face severe problems, exacerbated by the financial problems hitting other banks around the world. The value of their stocks plunged. The government managed the situation by bailouts, selling off or nationalizing banks, providing bank guarantees and extending the deposit insurance. Eventually Fortis was split into two parts. The Dutch part was nationalized, while the Belgian part was sold to the French bank BNP Paribas. Dexia group was dismantled, Dexia Bank Belgium was nationalized.

Cardif is an international insurance company based in France with a presence worldwide. The company is part of the BNP Paribas Group.

<span class="mw-page-title-main">Ageas</span> Belgian-listed international insurance Group

Ageas is a Belgian multinational insurance company co-headquartered in Brussels. Ageas is Belgium's largest insurer and operates in 13 countries worldwide. The company was renamed from Fortis Holding in April 2010 and consists of those insurance activities remaining after the breakup and sale of the financial services group Fortis during the financial crisis of 2007-2010.

<span class="mw-page-title-main">NCBA Group Plc</span> Kenyan financial services conglomerate

NCBA Group Plc, is a financial services conglomerate in East and West Africa. The Group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Tanzania, Rwanda, Uganda and Ivory Coast.

<span class="mw-page-title-main">PacWest Bancorp</span> American bank holding company

PacWest Bancorp is an American bank holding company based in Beverly Hills, California, with one wholly owned banking subsidiary, Pacific Western Bank. It is a subsidiary of Banc of California.

Restaurant Brands International Inc. (RBI) is a Canadian-American multinational fast food holding company. It was formed in 2014 by the $12.5 billion merger between American fast food restaurant chain Burger King and Canadian coffee shop and restaurant chain Tim Hortons, and expanded by the 2017 purchase of American fast-food chain Popeyes. The company is the fifth-largest operator of fast food restaurants in the world behind Subway, McDonald's Corporation, Starbucks and Yum! Brands. They are based alongside Tim Hortons in Toronto. For tax purposes, Burger King and Popeyes retain their existing operations and headquarters, both in Miami. The 2014 merger focused primarily on expanding the international reach of the Tim Hortons brand and providing financial efficiencies for both companies.

OVO, officially a product of PT Visionet Internasional, is a digital payment service based in Jakarta, Indonesia. It was established in 2017 with an e-money license from Bank Indonesia, and in 2019 was Indonesia's top digital payment service. Owned by Grab and local investors, in 2019, OVO became Indonesia's first finance-tech business unicorn.

References

  1. Ownership Structure & Share Information of Bank Danamon
  2. "Indonesia-Investments.com:Bank Danamon company profile". April 1, 2014.
  3. Silviana, Cindy (July 31, 2018). "Indonesia approves MUFG's stake increase in Bank Danamon to 40 percent". Reuters. Reuters. Retrieved January 21, 2019.
  4. "MUFG Bank Increases Shareholdings in Bank Danamon and Bank BNP". www.businesswire.com. April 29, 2019. Retrieved October 21, 2020.
  5. "Bank Danamon sold most of its Asuransi Adira shares to Zurich Insurance | IDNFinancials".

Works cited