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JAKARTA - PT Bank CIMB Niaga Tbk and PT Bank Lippo Tbk have received approval from Bank Indonesia, the countrys banking regulator, to merge their businesses. In a statement here Thursday, CIMB Group said the approval was given yesterday, paving the way for the first banking merger under the Indonesian government's single presence policy. CIMB Group chief executive, Datuk Nazir Razak, said the merger would create the fifth largest bank in Indonesia by assets.
"The complementary strengths of CIMB Niaga and Lippo, backed by the universal banking platform of CIMB Group, will position the merged bank to compete effectively and expand," he said. Bank CIMB Niaga and Bank Lippo had agreed to consolidate their businesses on June 2 this year to enable their ultimate common shareholder, Khazanah Nasional Bhd, to comply with Bank Indonesias single presence policy ahead of the regulators 2010 deadline.
Under the merger plan, CIMB Group will emerge with a shareholding of between 58.7 percent and 81.3 percent of Bank CIMB Niaga, depending on the number of shareholders who opt to take up equity in the merged bank. The merger will be completed by November this year while full business integration is anticipated to be completed by end-2009.
CIMB Goup said Bank Indonesia has approved the appointment of Arwin Rasyid as president director of Bank CIMB Niaga. "Arwin, 51, has held several senior positions in the banking sector including vice president director of Bank Negara Indonesia, president director of Bank Danamon Indonesia and vice president director of Bank Niaga," it said.
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