Bank Danamon Announced Change of President Director

Jakarta, 2 September 2019. PT Bank Danamon Indonesia Tbk (“Bank Danamon”) today announced change of President Director, following the successful  completion of the operational merger between Bank Danamon and former Bank Nusantara Parahyangan (BNP). 

Mr. Sng Seow Wah will retire from Bank Danamon as President Director on 1st October 2019. Under his leadership, the Danamon Group underwent remarkable transformation that resulted in the Bank now having a more diversified set of growth engines. He instilled in the Group a more performance-oriented and cost-disciplined culture, and enabled the organization to embark on a digital transformation journey, all of which will put Danamon Group in good stead for future growth. “As I embark on the next chapter in my life, I will have with me fond memories of the journey and the incredible team in Danamon Group that made it all happen. You can be sure that I will be cheering from the sidelines!” said Mr. Sng.

Mr. Yasushi Itagaki will be appointed the new President Director of Bank Danamon. He assumed this position after the retirement of Mr Sng Seow Wah, and his appointment is subject to shareholders’ approvals at the EGM on 1st October 2019. 

Mr Itagaki is a seasoned banker with more than three decades of experience in corporate and investment banking. Over the past few years at MUFG, he has designed and strategised its ASEAN commercial banking network. He played a significant role in the development of MUFG’s strategic partnerships with Bank Danamon, in addition to Krungsri in Thailand, Security Bank in the Philippines and VietinBank in Vietnam. 

After joining Bank Danamon as Global Alliance Strategy Director in 2018, Mr Itagaki has been an invaluable catalyst for synergistic collaborations between Bank Danamon and MUFG in both business and management platform areas for future sustainable growth.

Mr. Takayoshi Futae, President Commissioner of Bank Danamon commented “Bank Danamon has a highly-experienced management team, and has distinguished itself over the years with superior growth, profitability, asset quality and capital strength.  I am confident that management will continue to drive an even more dynamic and sustainable future for Bank Danamon’s growth aspirations.”

This change of President Director is subject to regulatory and shareholders’ approvals at the EGM, to be held on 1st October 2019.