PT Bank Sinarmas Tbk is a subsidiary of Sinar Mas Multiartha engaged in

banking A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

. To support its business activities, by the end of 2020, the bank has 69

branch office A branch office is an outlet of a company or, more generally, an organization that – unlike a subsidiary – does not constitute a separate legal entity, while being physically separated from the organization's main office. Branching is particu ...

s, 134 sub-branch offices, 140 cash offices, 28

sharia Sharia, Sharī'ah, Shari'a, or Shariah () is a body of religious law that forms a part of the Islamic tradition based on Islamic holy books, scriptures of Islam, particularly the Quran, Qur'an and hadith. In Islamic terminology ''sharīʿah'' ...

branch offices, and 12 sharia cash offices.

History

The bank started its history in 1989 under the name "PT Bank Shinta Indonesia", and is owned by the Hermijanto family-owned Shinta Group which is engaged in the

textile Textile is an Hyponymy and hypernymy, umbrella term that includes various Fiber, fiber-based materials, including fibers, yarns, Staple (textiles)#Filament fiber, filaments, Thread (yarn), threads, and different types of #Fabric, fabric. ...

and

manufacturing Manufacturing is the creation or production of goods with the help of equipment, labor, machines, tools, and chemical or biological processing or formulation. It is the essence of the secondary sector of the economy. The term may refer ...

industries.Sinarmas Multiartha Beli Saham Bank Shinta
/ref> In 1993, the bank opened a branch office in

Bandung Bandung is the capital city of the West Java province of Indonesia. Located on the island of Java, the city is the List of Indonesian cities by population, fourth-most populous city and fourth largest city in Indonesia after Jakarta, Surabay ...

, and a year later, the

Ministry of Finance A ministry of finance is a ministry or other government agency in charge of government finance, fiscal policy, and financial regulation. It is headed by a finance minister, an executive or cabinet position . A ministry of finance's portfoli ...

designated the bank as a perception bank. In 1995, the bank was also designated as a foreign exchange bank. In 1996, the bank opened a branch office in

Surabaya Surabaya is the capital city of East Java Provinces of Indonesia, province and the List of Indonesian cities by population, second-largest city in Indonesia, after Jakarta. Located on the northeastern corner of Java island, on the Madura Strai ...

. In April 2005, PT Sinar Mas Multiartha Tbk and PT Shinta Utama officially became the majority shareholders of this bank which at that time had an asset of IDR 436 billion. By the end of 2006, the bank had changed its name to what it is today and its assets had reached Rp 2 trillion.Ganti Nama, 'Berat' Bank Shinta Naik 4 Kali Lipat
/ref> In 2009, the bank established a Sharia Business Unit (). The bank was also designated by Bappebti as a depository bank for compensation fund margins and guarantee funds, and received a license from Bapepam to carry out trustee activities. In 2010, the bank was officially listed on the

Indonesia Stock Exchange Indonesia Stock Exchange (IDX) ( (BEI)) is a stock exchange based in Jakarta, Indonesia. It was previously known as the Jakarta Stock Exchange (JSX) before its name changed in 2007 after merging with the Surabaya Stock Exchange (SSX). In rece ...

. In 2018, the bank was designated as a deposit recipient bank for the Hajj Pilgrimage Organizer Fee ().

References

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External links

Official website Bank Sinarmas
Banks of Indonesia Banks established in 1989 1989 establishments in Indonesia Companies based in Jakarta Companies listed on the Indonesia Stock Exchange