Danamon Signs Agreement to Acquire Standard Chartered Indonesia’s Conventional Retail Loans Portfolio to Strengthen Consumer Business and Create Economies of Scale

Jakarta, 17 April 2023 – Today, PT Bank Danamon Indonesia Tbk (“Danamon”) and Standard Chartered Bank Indonesia (“SCBI”) sign an agreement to acquire SCBI’s conventional Retail Loans portfolio with good customer track records, comprised of Credit Card, Personal Loan, Mortgage and Auto Loan. The acquisition is expected to be completed in the fourth quarter of 2023, subject to the relevant regulatory requirements.

Through this acquisition, Danamon aims to strengthen its Consumer business, which is one of its main business growth engines, as well as to create economies of scale from its investments in branch network, digital banking and other capabilities. The move further accelerates Danamon’s Consumer Lending portfolio growth, which has grown significantly by ~18% in 2022. 

Danamon is a bank with 67 years of experience in the banking industry and global capabilities as part of MUFG, the largest bank in Japan and one of the leading financial institutions in the world. With Danamon’s vision to Care and Help Millions to Prosper, it welcomes the new customers from SCBI and commits to ensure that each customer is able to enjoy comparable products and services that complement their financial needs, including innovative credit cards – such as the Danamon Grab Credit Card and other credit cards from Visa, Mastercard, American Express and JCB; Mortgage that give access to prominent local and international developers; and Danamon’s full suite of financial solutions, including conventional and sharia banking, as well as wealth management services. Moreover, Danamon’s extensive branch and ATM network spread across 34 provinces in Indonesia, as well as Digital Banking application, D-Bank PRO, will provide advanced banking and transaction experience.

Hafid Hadeli, Vice President Director, PT Bank Danamon Indonesia Tbk, said, “We are excited to announce the acquisition of SCBI’s conventional Retail Loans portfolio. I would also like to take this opportunity to welcome the new customers and assure that both Danamon and SCBI are fully committed for a smooth and seamless onboarding process, so customers can enjoy access to Danamon group’s ecosystem and full capabilities.”

Andrew Chia, Cluster CEO, Indonesia and ASEAN Markets (Australia, Brunei and the Philippines), Standard Chartered said, “This transfer is part of Standard Chartered’s strategic refresh announced in 2021, and allows us to focus on providing innovative Wealth Management and Deposits products to our Priority Banking clients, accelerate our digitalisation agenda to serve our Mass Retail clients, and continue to grow our Corporate, Commercial and Institutional Banking business in Indonesia. We remain committed to grow and invest in Indonesia, an important ASEAN hub for Standard Chartered.”

Danamon always reinforces its commitment to help customers take control of their financial needs and goals. Find out more about Danamon’s full range of product and services on Danamon.co.id.

To find more about SCBI’s press release, please find it here.




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