TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
Popular Reads
Top Results
No results found. Please check your search term and try again
Can't find what you're looking for?
View all search results
Popular Reads
Top Results
No results found. Please check your search term and try again
Can't find what you're looking for?
View all search resultsDanamon, MUFG Indonesia to integrate operations, target 2027
If completed, the integration would combine the global and domestic strengths of both entities and potentially create one of the country’s largest financial institutions, with combined assets exceeding Rp 480 trillion (US$27.5 billion).
Change text size
Gift Premium Articles
to Anyone
Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
A teller serves a customer at a Bank Danamon branch in Jakarta. (kompas.com/File)
P
rivate lender PT Bank Danamon Indonesia plans to integrate its operations with the local branch of Japan’s MUFG Bank Ltd., with the process targeted for completion in 2027.
The two companies signed a memorandum of understanding on Monday to begin preparations for the integration, which would combine the two entities’ networks, expertise and operations in Indonesia.
If completed, the integration would combine the global and domestic strengths of both entities and potentially create one of the country’s largest financial institutions, with combined assets exceeding Rp 480 trillion (US$27.5 billion).
Read also: OJK pushes for consolidation in market with ‘too many banks’
At this stage, Danamon and MUFG Indonesia have only agreed to begin preparatory work ahead of signing a binding agreement at a later stage. The proposed structure of the integration plan will be detailed in an integration blueprint to be submitted to regulators, announced publicly and submitted for shareholder approval.
The lender said there would be no changes to the operations of either Danamon or MUFG Indonesia during the integration process.
“Customers of Danamon and MUFG Indonesia would continue to use existing products and services as usual, while contractual relationships with vendors, contractors, outsourcing firms and other business partners would remain unchanged,” the company said.
