OTOH worked in a bank in CA in 1969. First week of operation we had one deposit over a million it was a payroll account transferred from a sister bank after our bank was formed in a consolidation
Who bought them out? Or who did they merge with. IMO besides them needing to be offshore to circumvent Indonesian law, the promise of large deposits often determines their partner or who they merge or allow to buy out
In order to get started, the founders of that bank got around the rules by acquiring an existing bank (not sure which one; was back in ‘73 per the 72-76 link upthread.)
I found who bought that bank out... in of all places, a job vacancy ad:
Four banks merged to become Bank Mandiri. It then absorbed SB bank AND started a team specifically to develop Sharia banking.
http://lokerspot.blogspot.com/2011/10/pt-bank-syariah-mandiri-job-vacancy.html
PT Bank Syariah Mandiri Job Vacancy
Bank Syariah Mandiri is Indonesia’s banking institutions. This bank was established in 1973 as Bank Susila Bakti (BDN YKP owned and Crown). In 1999, the bank’s financial crisis affected. At that time also, Bank Dagang Negara, Bank Indonesia Development, Bank Bumi Resources, Indonesia and the Export-Import Bank merged to form Bank Mandiri. This bank was taken over by Bank to Bank Syariah Mandiri. On May 19, 1999, the Bank Syariah Mandiri Sakinah, On September 8, 1999 to Bank Syariah Mandiri. Officially became the Islamic Bank on November 1, 1999.2002 got the status of foreign exchange bank.
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One of the conventional banks, PT Bank Susila Bakti (BSB) owned jointly by Employee Welfare Foundation (YKP) of PT Bank Dagang Negara and PT Mahkota Prestasi also suffered from the crisis. BSB sought to survive the crisis by merger with other banks and inviting foreign investors.
At the same time, the government merged four banks (Bank Dagang Negara, Bank Bumi Daya, Bank Exim, and Bapindo) to become a new bank under the name PT Bank Mandiri (Persero) on July 31, 1999. The merger policy also positioned and declared PT Bank Mandiri (Persero) as the new majority owner of BSB.
Further to the merger, Bank Mandiri embarked on consolidation and commissioned Sharia Banking Development Team. The team aims to develop sharia banking business services within the Bank Mandiri business group as a response to the law enforcement of UU No. 10 Year of 1998 that allows commercial banks for running sharia transaction services (dual banking system).
The Bank is now coming, performing and growing as a bank that combines business ideals and spiritual values as the basis of its operation. The harmony of business ideals and spiritual values creates a comparative advantage for Bank Syariah Mandiri to perform in the banking industry in Indonesia. BSM was born to build Indonesia better.
We looking for qualified candidates to gain career opportunities in Bank Syariah Mandiri