PT Bank Danamon Indonesia Tbk. was established in 1956. The name Bank Danamon, which was derived from ‘dana moneter’, meaning monetary fund, was first used in 1976 in place of its original name, Bank Kopra.
In 1988, Bank Indonesia enacted a package of major banking reforms known as the ‘October 1988 Package’ or PAKTO 88. The main aim of PAKTO 88 was to encourage competition in the banking sector by lowering the barrier to entry, including the liberalization of the requirements for the establishment of new private domestic banks and joint-venture banks. As a result of this, Bank Danamon became among the first foreign exchange banks in Indonesia, and became a public company listed on the Jakarta Stock Exchange.
Today, ‘Danamon’ is the brand name of Indonesia’s largest financial institution by number of employees – approximately 72,000 permanent and non permanent employees (including subsidiaries) at the end of December 2012; one which focuses on realizing its vision: “We Care and Enable Millions to Prosper”.
In pursuing this vision, Danamon has set its sights on being ‘The Leading Financial Institution in Indonesia’ with a significant market presence. It aims to achieve this position by being a customer centric organization covering all customer segments, each with a unique value proposition, centred on sales and service excellence and supported by world class technology. In line with this effort, Danamon aspires to be an employer of choice, respected by all of its stakeholders, while embracing 5 of its values: caring, honesty, passion to excel, teamwork and disciplined professionalism.
Danamon’s focus on fulfilling all of its customers’ needs is reflected in its business approach. Implemented in 2003, a universal banking focus pivoted Danamon’s business expansion ahead. By the end of 2004, Danamon had completed its array of business segments, spanning from mass market, SME & Commercial banking, retail banking, cards business, syariah banking, corporate banking, treasury, capital markets & financial institutions, in addition to Adira Finance. 2004 also marked Danamon establishing a solid entry into the insurance and household financing businesses through Adira Insurance and Adira Kredit (formerly Adira Quantum). Danamon’s acquisition of American Express card business in Indonesia in 2006 made the bank one of the largest card issuers in the country.
A surviving entity in a merger of 9 Bank Taken Over (BTO) during the Asian financial crisis which began in the late 1990s, Danamon has emerged as one of the largest and strongest financial institutions in the region. With over 50 years of experience, Danamon continues to strive to be a bank that ’make things happen’ for its customers – it’s brand promise. Danamon currently ranks as the sixth largest bank by asset size in Indonesia, and operates a branch network with over 3,300 branches and points of sales, including its Danamon Simpan Pinjam (DSP) and Syariah units as well as its subsidiaries branches. Danamon is also supported by a comprehensive array of electronic banking conveniences.