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Bank Mega

#3366

Rank

$3.49B

Marketcap

ID Indonesia

Country

Bank Mega
Leadership team

Mr. Kostaman Thayib (Pres Director)

Adistia Sukyantho (Head of Financial Control)

Engineer Constantinus Guntur Triyudianto (Director of Operations & Information Technology and Director)

Products/ Services
Banking, Finance, Financial Services
Number of Employees
1,000 - 20,000
Headquarters
Jakarta, Jakarta Raya, Indonesia
Established
1969
Net Income
100M - 500M
Revenue
500M - 1B
Traded as
MEGA.JK
Social Media
Overview
Location
Summary
PT Bank Mega Tbk provides various banking products and services in Indonesia. It offers saving accounts, current accounts, and time deposits, as well as certificates of deposit; and debit cards. The company also provides corporate, commercial, SME and consumer, cash, housing, working capital, and investment loans; supplier and inventory financing; financing for the purchase of motor vehicles and assets; credit cards; and various credit facilities. In addition, it offers investment products, such as mutual funds and bonds; bancassurance products comprising term life and unit link products; and monitoring agent services for issuance of medium terms notes and guarantor agent services. Further, the company provides funds remittance, funds transfer, intercity clearing, cash management, safe deposit box, custody, trustee, treasury, and trade financing services; international banking services; and electronic banking service, including ATM, internet banking, and mobile banking services. As of December 31, 2021, it operated 54 branches and 322 sub-branches. The company was formerly known as PT. Karman bank and changed its name to PT Bank Mega Tbk in 1992. The company was founded in 1969 and is headquartered in Jakarta, Indonesia. PT Bank Mega Tbk operates as a subsidiary of PT Mega Corpora.
History

Mega International Commercial Bank Co., Ltd. was founded from the merger of the historic International Commercial Bank of China and Chiao Tung Bank .

Roots in Mainland China

The International Commercial Bank of China was the name by which the Bank of China came to be known after its privatization in Taiwan in 1971. The Bank of China's reserves had been transferred from mainland China to Taiwan prior to the Chinese Communist Party's takeover of the mainland in 1949. Like most banks, the Bank of China was not immediately allowed to resume operations in Taiwan.

Bank of China

The Bank of China began as the Hubu Bank of the Qing dynasty. It came to be known as the Ta Ch'ing Bank before being renamed Bank of China after the establishment of the Republic of China in 1912. The bank's headquarters were at 3 Hank'ou Road in the International Settlement of Shanghai. The bank, which was authorized to issue banknotes, broke free from the Yuan Shih-k'ai government's control in 1916 under the leadership of Chang Kia-ngau, and became a private, merchant-owned bank in 1923 when the cash-strapped Peking government sold all but a symbolic number of its shares to private investors. During the 1920s and 1930s, the Bank of China was by far the largest bank in China. In 1928, the Bank of China funded the government's creation of the Central Bank of China, and in exchange was allowed to remain independent. It was also chartered to serve as the nation's international exchange bank and was entrusted with efforts toward the promotion of foreign trade, the supply of foreign exchange, and the general financing of home industries.

Chiao Tung Bank

The Chiao Tung Bank was a direct successor of the Chiao Tung Bank/Bank of Communications established in 1908 during the final years of the Qing era. After the establishment of the Republic of China in 1912, the Chiao Tung Bank was authorized to issue banknotes backed by silver reserves. Government ownership of the bank was reduced to a minority during the instability of the Yuan Shih-k'ai regime and the Northern Warlords era. The bank financed the creation of the Central Bank of China in 1928 and was considered one of the Republic of China's top four banks.

Before the 1949 Revolution

The Bank of China and the Chiao Tung Bank both quickly became government-owned during the Shanghai financial crisis of 1935. Finance Minister H.H. Kung, who had worked to erode the independence of Shanghai's powerful bankers, forced both banks to create new shares that gave the government majority ownership. These new shares were purchased through overvalued government bonds meant to finance the government's deficit and increase the Central Bank of China's capital.

After the 1949 Revolution

After the 1949 establishment of the People's Republic of China on the mainland, both banks' operations were split, though their management and most liquid assets were transferred to Taiwan. They were not immediately permitted to resume operations in Taiwan given the uncertain situation in the early 1950s. Both banks' assets on the mainland were seized by the Communist Party, which severely limited banking until the 1980s. The Bank of China's branches in Tokyo, Bangkok, and the Americas remained under the Taipei-based ICBC, while other branches in Asia, including Hong Kong, came under the PRC-controlled Bank of China. A new Bank of Communications was established in the PRC in 1987.During the mid to late 1990s, many state-owned financial institutions in Taiwan were restructured and merged for greater efficiency. The Chiao Tung Bank was privatized in 1999, then underwent a series of consolidations. In 2002, it was merged with the International Commercial Bank of China under a single financial holding, which in 2006 came to be consolidated into a single bank—the Mega International Commercial Bank. It was argued at the time that the bank's former initials, ICBC, could lend it to be confused with the Industrial and Commercial Bank of China. However, the re-branding was controversial in Taiwan as many saw the change as a costly exercise meant to remove any reference to China from its name.

In March and April 2008, Mega International Commercial Bank was featured prominently in Taiwanese news because the wife of president-elect Ma Ying-jeou, Christine Chow, had declared her intention to continue working as the bank's legal counsel. In May 2008, she was permitted to retire from the bank.

In August 2016, in the wake of the Panama Papers scandal, the bank was fined $180 million for violating laws against money laundering by a New York State regulators in the US, which described its compliance program as a "hollow shell". The bank entered into a consent order entered into New York's Department of Financial Services to correct admitted violations, "including engaging an independent monitor to address serious deficiencies within the bank's compliance program and implement effective anti-money laundering controls." Former President Lee Tung-hui assigned blame for this malfeasance to Kuomintang officials who had run the bank for decades.

Mission
Our mission is to provide innovative banking solutions that meet our customers' needs, while providing a safe and secure environment for them to manage their finances.
Vision
Our vision is to be the preferred Indonesian bank, offering products and services created according to the changing needs of our customers.
Key Team

Mr. Yuni Lastianto (Director of Compliance & Human Capital and Director)

Adang Isnandar (Corp. Legal Head)

Alfiya Rahmani (Head of Marketing Communication)

Mr. Madi Darmadi Lazuardi (Credit Director & Director)

Ms. Indivara Erni (Risk Director & Director)

Mr. Anwar Viverdy Purba (Head of Human Capital Mgmt. and Act. Head of Human Capital, Reward, Ops. & Svcs.)

Mr. Jusuf Sukiman (Head of Internal Audit)

Recognition and Awards
Bank Mega has been recognized for its excellence in banking, winning numerous awards from both domestic and international organizations including the World Finance Banking Awards, Global Finance Magazine, and the Asia Pacific Banking Directory. The bank has also been rated among the top three banks in the country by Asian Money Magazine for its service quality, technological innovation, and customer service.
References
Bank Mega
Leadership team

Mr. Kostaman Thayib (Pres Director)

Adistia Sukyantho (Head of Financial Control)

Engineer Constantinus Guntur Triyudianto (Director of Operations & Information Technology and Director)

Products/ Services
Banking, Finance, Financial Services
Number of Employees
1,000 - 20,000
Headquarters
Jakarta, Jakarta Raya, Indonesia
Established
1969
Net Income
100M - 500M
Revenue
500M - 1B
Traded as
MEGA.JK
Social Media