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Bank Danamon Indonesia Tbk.
Released : March 10, 2010 PEFINDO affirmed the ratings of PT Bank Danamon Indonesia, Tbk. (the Bank or BDMN) and its bond I/2007 at “idAA+“. The outlook for these ratings is maintained at “stable”. The ratings reflect support from the Banks’s majority shareholder, its strong business position, and good operating efficiency. However, the ratings are constrained by weakened asset quality and stagnant profitability due to the effect of global financial crisis. Founded in 1956, the Bank has grown to become the sixth-largest commercial bank in the country. Currently, the Bank focuses on mass market segment (micro and retail banking) while maintaining SME and corporate banking businesses. As of December 2009, the Bank was 67.63% owned by Asia Financial Indonesia Pte. Ltd. (AFI) and 32.37% by the public. The ultimate shareholder of AFI is Temasek Holding Pte.Ltd, an investment holding company based in Singapore. (S&P’s AAA/Stable). The Bank delivers its banking services through 82 branches, 1,405 sub-branches (including 801 Danamon Simpan Pinjam units and 200 mobile units, the Bank’s micro lending division), 11 Sharia branches and 1 overseas branch in Cayman Islands. BDMN delivery channel is also supported by mobile banking and 846 ATMs that are connected to ATM Bersama Network. At the end of 2009, BDMN employed 41,615 employees. Rating Period: March 3, 2010 – March 1, 2011
Contact Analyst: Danan Dito & Dimas Aditya
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