Wednesday, November 21, 2007
PT Bank Lippo Tbk’s (“LB”) journey started as NV Bank Perniagaan Indonesia (Indonesian Mercantile Bank) in March 1948, and successively changed its name to PT Bank Perniagaan Indonesia and PT Lippo Bank in 1956 and 1989 respectively. After a successful merger with PT Bank Umum Asia, LB went public and was listed on the Jakarta Stock Exchange and Surabaya Stock Exchange in November 1989. On 23 December 1998, the Bank’s name was changed again from PT Lippo Bank to PT Bank Lippo Tbk, or known as LippoBank.
The Government of Indonesia acquired a majority shareholding in LB after the recapitalisation programme was executed on 28 May 1999.
On 25 February 2004 the 52.05% government’s share in LB was acquired by the Swissasia Global Consortium.
On 30 September 2005, having obtained approval from Bank Indonesia, Khazanah Nasional Berhad completed its 52.05% share acquisition of LB (through its wholly-owned subsidiary, Santubong Investments B.V.) from Swissasia Global. This was followed by a Tender Offer, which increased Santubong’s stake to 87.52% of the total paid up capital of the Bank. Since then, LB has moved quickly to design and implement a new road-map. The road-map provides LB with the tools to meet the rigours of a world-class bank, with uncompromising corporate governance policies and practices which built and sustain value created for all stakeholders. Combined with flawless execution, LB is on the required trajectory to achieve anchor bank status by 2010, in accordance with the Indonesian Banking Architecture framework.
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