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CIMB Niaga Bank wraps up Lippo merger
Tue, 11/04/2008 10:38 AM | Business
(JP/P.J. Leo)
CIMB Bank president director Arwin Rasyid (center), accompanied by vice president director Henk G. Mulder (right) and director Daniel James Rompas posed for a photograph during the launching of the new CIMB Bank logo on Monday as a result of the merger between CIMB Niaga Bank and Lippo Bank.
Malaysia's Commerce International Merchant Bankers (CIMB) Sdn Bhd has completed the merger of its subsidiary Bank CIMG Niaga with Lippo Bank after acquiring 51 percent of the latter's stake from Santubang Investments BV.
With the merger, CIMB Group now hold a controlling share ownership of 77.75 percent of Bank CIMB Niaga, Arwin said.
He said that the CIMB Group settled the merger process last Tuesday and completed the merger last Saturday.
According to CIMB Niaga head of corporate communications Dina Sutadi, the merger will result in a bank with Rp. 100 trillion (US$1 billion) of assets, serving customers through 650 branch offices run by almost 11,000 employees in 120 Indonesian cities.
After the merger, Lippo Bank shares are no longer listed in the Indonesia Stock Exchange (IDX). The bank's name will disappear from the country's financial industry for good, except as history.
The merged Bank Niaga and Bank Lippo is owned indirectly by Malaysia-based Khazanah Nasional Berhad, which, according to Rasyid, also owns most shares of the CIMG Group.
CIMB Niaga Bank is now the nation's sixth largest bank by assets. (dis)
