Provides complete and detailed information on CIMB Niaga Bank's implementation of corporate governance in accordance with applicable regulations and standards. The theme "Forward Your Aspirations" is a reflection of the CIMB Niaga Brand Promise for the year 2017: FORWARD.
5 The fifth largest bank in terms of assets
5 The fifth largest bank in terms of customer deposits
5 The fifth largest bank in terms of loan
Financial transactions of consumer banking
The average bank products owned by every customer
Digital Platform 2016
Customer
Transaction
Customer Growth
Transaction Growth
Financial transactions of Bank customers
Initiatives
Wave n Go
Strategic Focus 2016
Playing to Our Strengths
CASA Empowering
Discipline in Cost Management
Preservation of Capital and Balance Risk Culture
Leverage Information Technology
Financial Highlights
Financial Ratios
Stock Highlights
Initial Public Offering
Issued Shares and Stock Price during the last 2 (two) Fiscal Years
Trading Volume and Closing Price Graph in 2015
Trading Volume and Closing Price Graph in 2016
Corporate Action
Trading Suspension and/or Delisting
Bonds Highlights
Bonds Information
Coupon Payment Chronology
Subordinated Bonds I CIMB Niaga 2010
Subordinated Bonds II CIMB Niaga 2010
Bonds CIMB Niaga 2011 Series A
Bonds CIMB Niaga 2011 Series B
Sustainable Bonds I CIMB Niaga Phase I 2012 Series A
Sustainable Bonds I CIMB Niaga Phase I 2012 Series B
Sustainable Bonds I CIMB Niaga Phase II 2013 Series A
Sustainable Bonds I CIMB Niaga Phase II 2013 Series B
Sustainable Bonds I CIMB Niaga Phase II 2013 Series C
Sustainable Bonds II CIMB Niaga Phase I 2016 Series A
Sustainable Bonds II CIMB Niaga Phase I 2016 Series B
Sustainable Bonds II CIMB Niaga Phase I 2016 Series C
Event Highlights
April
August
Awards
The Best Program (Provision of Health Facilities Program for Health Improvement Category) The La Tofi School of CSR. Housing Estate Awards 2016 The Highest Growing Bank on Primary Market Mortgage Housing Estate Magazine Indonesia Living Legend Companies Award Category Gold 2016.
Management Reports
Report of
Economic Conditions
The unprecedented success of the government's tax amnesty program raised revenues of Rp 103 trillion for the government. This helped reduce the budget deficit, add credibility to the government's ambitious infrastructure development agenda and improve the overall sentiment.
Evaluation of Board of Directors’
Performance
Supervision of Strategy Execution
Report of the Board of Commissioners
Opinion on Business Prospects Prepared by the Board of Directors
Opinion on Good Corporate Government Implementation
Frequency and Methods of Giving Advice to the Board of Directors
Assessment of Committee Performance
Policies and Implementation of Corporate Social Responsibility
Changes in Board Composition
Appreciation
Board of
Commissioners
Macro Economy
Report of the Board of Directors
CIMB Niaga Performance in 2016
Strategic Policy Implementation
Since 2015, we have dedicated a lot of resources to overhauling our core banking system through the. It is through the realization of our new core banking platform that we hope CIMB Niaga will maintain its position as a leader in digital banking.
Human Resource Development
Not only has this strategic move resulted in a more competitive NIM (Net Interest Margin), but it is also expected to generate a healthier and larger asset portfolio, higher fee-based income and increased CASA. As a leading digital bank, we recognized the need for a superior core banking system to support our digital platform.
Targets vs Achievements
We believe this investment will continue our efforts to provide better services and unique banking experience to all stakeholders across the branch network and digital touch points at the time and location of their choice.
At the Forefront of Digital Banking Services
Good Corporate Governance (GCG) Implementation
Corporate Social Responsibility (CSR)
Regarding the environment, the Bank is committed to environmental conservation efforts by adopting the Green Office programme. Through various CSR programs in synergy with its business strategy, the Bank is confident that it can provide added value for shareholders and stakeholders while contributing to the growth of the Bank's business.
Assessment of Committees Under the Board of Directors
Tour de Bank" to 1,218 students, Operationalization of "Si Mobil Literasi Keuangan (SiMolek)" by OJK, held workshops on family financial planning for 1,988 GOJEK cyclists. Regarding the community development and empowerment pillar, the bank held an empowerment program for the disabled by providing an opportunity to work at CIMB Niaga as a Telesales Funding Officer.
Change in the Composition of the Board of Directors
Finally, on behalf of all members of the Board, we would like to express our thanks and appreciation to the Board of Commissioners for its guidance during 2016. The Board would also like to thank and appreciate all employees for their relentless commitment in fulfilling their duties and responsibilities to achieve the Bank's business plan can be well executed to achieve commendable business growth.
Directors
Report from
PT Bank CIMB Niaga Tbk has been presented in its entirety, and that we accept full responsibility for the accuracy of the content of the annual report of PT Bank CIMB Niaga Tbk.
Company Profile
General Company Information
Company Name
ISIN Code ID1000098007
Shareholder Composition 2016 - CIMB Group Sdn Bhd 91.48%
Change of Name
Merger History
Business Scope Banking
Date of Establishment 26 September 1955
Legal Basis of Establishment Deed of Establishment No. 90 by
Authorised Capital
Address
Subsidiaries’ Data
Number of Employees in 2016 13,185
Total Assets in 2016 Rp241.57 trillion
CIMB Niaga at A Glance
Brief History of Establishment
CIMB NIAGA
Largest
BBB AAA National Rating
Number of Employees
PT Bank CIMB Niaga Tbk was established on September 26, 1955 under the name Bank Niaga. CIMB Niaga is the first bank in Indonesia to have this type of products and services.
Milestones
Introduction of Telephone Banking 14041 (Re-introduction) and Priority Telephone Banking 500 800 with various flagship features.
Organization Structure
Vision and Mission Corporate Culture
To provide universal banking services in Indonesia as a high-performing,
MisionVision
3 Key Behaviors
Core Values
C Customer-centric,
S Strength in Diversity ,
I Integrity ,
Corporate Identity
Logo
Products and Services
Business Activities Pursuant to Current Articles of Association
Business Activities Conducted during the Year
CIMB Niaga Products and Services
Savings Products
Electronic Banking Facilities
Individual Loans
Business, Treasury and Corporate Banking
CIMB Niaga Sharia
Other Services
Company Group Structure
CIMB Group Profile (Holding)
Profile
Board of Directors
Vision
Mission
CIMB Niaga Auto Finance Profile (Subsidiary)
PT CIMB Niaga Auto Finance
Composition of Management
Board of Commissioners
Subsidiaries and Joint Ventures
Area of Operations or Network Scheme
Conventional Branch Offices
Sharia Branch Offices
Micro Laju Offices
Mobile Cash Outlet
Cash Deposit Machines
Multi Function Devices
Banking
Preferred Phone
Board of Commissioners Profiles
He is also chairman of the Integrated Governance Committee and member of the Audit Committee. Currently, he is also Chief Risk Officer at CIMB Group, as well as Director of International School of Kuala Lumpur (non-profit), GK1World (non-profit) and Commissioner of PT Synergy Dharma Nayaga.
Board of Directors Profiles
Hedy Lapian has no financial or family ties to other members of the Executive Board, the Supervisory Board, the majority shareholder and ultimate shareholders. Djajanegara has no family or financial ties to other members of the Executive Board, the Supervisory Board, the majority shareholder and ultimate shareholders.
Sharia Supervisory Board’s Profiles
In 2009, he was appointed as the Chairman of the Shariah Supervisory Board of PT Bank CIMB Niaga Tbk and re-appointed (last) at the Shareholders' Meeting on 15 April 2016. He was appointed as a member of the Shariah Supervisory Board of PT Bank CIMB Niaga Tbk in 2009 and (last) re-appointed at the shareholders' meeting on April 15, 2016.
Information Regarding the Management Change after the Fiscal Year Ends
He has been appointed as a member of the Sharia Commissioner of PT Bank CIMB Niaga Tbk in the General Meeting of Shareholders of March 28, 2013 and (last) reappointment in the General Meeting of Shareholders of April 15, 2016. Yulizar Djamaludin Sanrego has no financial or family ties with other members of the Sharia Supervisory Board, the Executive Board, the Supervisory Board, the majority shareholder and ultimate shareholders.
Shareholders Composition
Shareholders Information
The Top 20 Largest Shareholders
Shareholders with More Than 5% Share
Commissioners’ and Directors’ Shareholdings
Type of Shareholders with <5% Shares
Management-traded Company’s Shares
Number of Shareholders and Percentage by Classification
Development of Capital Structure and
Outstanding Share During the Last 5 (five) Years
Limited public offering with rights issue (PUT V) (excluding B shares, which were not listed on the stock exchange).
Chronology of Shares Issued and Listing
Limited Public Offering with Rights Issue (PUT V) (excluding Class B shares that were not listed). years) Coupon nominal currency (Rp &.
Chronology of Other Securities Listing
Periodic Services of Capital Market Supporting Institutions & Professionals in 2016
Supporting Institutions and Professionals
Public Accountant
Share Registrar
Rating Agency
Custodian
Trustee
Notary
Information on the Company Website
Employee Statistics
Education and Training for the Board of
Commissioners, Board of Directors, Committees, Corporate Secretary and Internal Audit
Data Access and Corporate Information
Management Discussion and Analysis
Macro Economy 2016
Looking ahead, the domestic economy is expected to continue in a recovery phase, driven by improved export performance and the onset of investment growth financed by increased banking.
Banking Industry 2016
Banking Industry Table
Business Segment Review
CIMB Niaga continued to focus on improving its loan quality by distributing its loans to market leading
Corporate Banking
Target, Strategy, and Policy of Corporate Banking in 2016
Corporate Banking Performance in 2016
Loan and Syndicated Loan Growth
CIMB Niaga has also implemented several strategic initiatives to improve loan quality through loan restructuring and through a stricter loan portfolio monitoring process. CIMB Niaga will at all times continue to apply prudent principles and risk management when disbursing loans.
Third Party Funding
In 2016, CIMB Niaga continued to focus on improving credit quality by distributing its loans to customers and key market sectors with good past performance and future prospects. Under such strategic measures, CIMB Niaga reported a decline in its Corporate Bank NPL ratio to 3.3% in 2016, down from 4.5% in the previous year.
Human Resources Management
In 2016, CIMB Niaga managed to raise syndicated loans of Rp. 14.9 trillion, with the involvement of CIMB Niaga accounting for 31%. A number of significant credit facilities were granted to PT Jakarta Land, PT CIMB Niaga Auto, PT Meppo-gen, PT Agro Multi Persada Tbk and PT Buana Finance Tbk.
Plan, Focus and Strategy in 2017
By using information technology combined with the development of structured products, CIMB Niaga
Treasury and Capital Market
Portfolio of fixed income instruments
These challenges have intensified with the slowdown in domestic business activities, the Brexit referendum and the US presidential election, which have led to volatility in domestic markets. The accompanying uncertainties of the financial market have had a positive impact on the volume of hedging transactions, reflected in the increase in the value of derivative transactions.
Strategies and Policies
Increased uncertainty in global conditions, causing currency volatility, has created difficulties for business actors in predicting reasonable exchange rates.
Performance In 2016
Product Information
Investment Products
Hedging Products
Service and Network
In addition, electronic transaction services for foreign exchange products and securities are also available at most CIMB Niaga branches in Indonesia. Apart from branch offices, customers can also access online and real-time foreign exchange services through BizChannel and CIMB Clicks, anytime, anywhere.
Utilization of Information Technology
Plans In 2017
Growth in the Value Chain business will continue to be enhanced by penetrating business communities
Transaction Banking will also develop its e-banking features to support transactions made among
Transaction Banking
51 % yoy
13 % yoy
Strategies and Policies in Transaction Banking
Cash Management
Trade Finance and Value or Supply Chain
Securities Services
Financial Institution and Non-Bank Financial Institution
Performance in 2016
Services and Promotions
The Asset Triple A Treasury, Trade and Risk Management Awards 2016 as the Best Cash Management Bank in Indonesia. The Asset Triple A Treasury, Trading and Risk Management Awards 2016 as the Best Cash Management Solution.
Plans in 2017
Asset Triple A Treasury, Trade & Risk Management Awards 2016 for Best Trade Finance Solution. Asset Triple A Treasury, Trade & Risk Management Awards 2016 Best Transaction Banker in Indonesia.
Commercial Banking has made continuous efforts to improve its service level to achieve the performance
Commercial Banking
In 2016, credit growth for the Commercial Bank focused on hospitality and real estate, manufactured goods and agriculture. To facilitate loan processing and improve customer service, in the fourth quarter of 2016, Commercial Bank created the Commercial and Customer Service Center to improve the quality of the loan proposal (signature) and Customer Service related to the transaction and administration of the loan.
Strategy and Policy
Commercial Banking, along with the Cash Management Services team from Transaction Banking, oversaw the cross-selling of accounts receivable, resulting in a 25.7% year-over-year CASA increase. Commercial Banking also continued "smart spending" activities initiated in previous years, achieving efficiency gains by prioritizing good costs.
Loan Distribution
In addition, to improve its performance, Commercial Banking has always made effective use of conference calls, reducing business travel costs and increasing flexibility. In response, the bank tightened controls on operating expenses, resulting in a 12.4% decline to Rp 201.2 billion in 2016 from Rp 229.8 billion in the previous year.
Credit Quality
The Bank also continued other efforts to improve loan quality through a regular and continuous identification process to prevent potential losses, and an intensive collaboration with the recovery unit to come up with the best possible solutions. In terms of third-party financing, total customer deposits of commercial banking decreased by Rp4.3 trillion or 18.3% to Rp19.3 trillion from Rp23.6 trillion in the previous year.
Plans for 2017
Intensive coordination with the Marketing and Loan Workout teams to leverage their business network to market collateral assets held by the defaulted loans. Work collaboratively with related units (Transaction Banking, Wholesale funding and Treasury) to increase awareness of products to facilitate transaction processing for our customers.
MSME Banking will strengthen the customer base emphasizing high quality, through collaboration
MSME Banking
Micro-Small-Medium Enterprises Banking
2016 Performance
- SME Banking
- Micro Linkage
- Mikro Laju
- Pension Loans
The increase in customer deposits in the SME unit was also supported by the implementation of the value chain to distributors and suppliers of SME customers. A strategic partner is crucial in the asset distribution and collection process, ensuring asset quality is maintained.
2017 Plan
The Pension Credit Unit helps retirees from TASPEN and Asabri to return to productivity by starting a business with financial support from the company in the form of a personal loan. The Pension Credit unit is expected to increase the number of retirees using the company as a vehicle to pay their monthly pension through CIMB Niaga Pension Savings and will be able to add value to retirees who have been loyal customers of the company.
CIMB Niaga will develop branchless banking for customers to rely on, by increasing the sales of
Consumer Banking
Consumer Banking Strategies and Policies
Consumer Banking Loans
Consumer Banking Customer Deposits
Income of Consumer Banking
Consumer Banking By Segments
Mortgage Loans
In addition, in 2016 CIMB Niaga also offered mortgage products with a number of exciting and competitive price options. Several exclusive promotions with renowned developers have also been launched to provide additional benefits to CIMB Niaga's mortgage customers.
Auto Loans
In the future, CIMB Niaga will always strive to expand the mortgage market, this should be achieved through cooperation in organizing joint promotions and events with developers in potential areas. CIMB Niaga will also remain committed to increasing its competitiveness by prioritizing service quality, process speed and innovative mortgage products to meet customer wants and needs.
Personal Loans
Wealth Management & Bancassurance
Credit Cards & Debit Cards
CIMB Niaga will continue to enhance CIMB Niaga Debit Card capabilities to anticipate the rapid growth in online shopping trends in the upper middle class consumer segment. CIMB Niaga Debit Card features OTP (One Time Password) enabling online transactions with OTP enabled merchants.
CIMB Niaga Preferred & Private Banking
The results of the promotional programs recorded that the total number of CIMB Niaga debit cards in circulation was 3.4 million cards at the end of 2016, which grew by 24.3% compared to 2.7 million cards in 2015. CIMB Niaga has cooperated with 7 "waqaf" institutions, to assist customers who want to be able to do "waqaf".
Non Branch Channel
The existing conventional savings accounts are also enhanced with the Sharia option that aims to complete the concept of a dual banking product offered for consumer banking products by CIMB Niaga. Going forward, CIMB Niaga has committed to expand the concept of Non Branch Channel to implement the banking inclusion program encouraged by Bank Indonesia and the Financial Services Authority.
Branch Office Network
We do this to be first and foremost in providing digital banking services. We will count on the development of Non Branch Channel Service as an alternative in acquiring new customers and expanding the customer base.
Service Quality
Customer Care Management
CIMB Niaga Customer Care also responds to complaints received through branch offices, telephone banking, social media, CIMB Niaga website, mass media and regulators. In 2016 Customer Care recorded that 90% of complaints were resolved in accordance with the Service Level Agreement.
Branchless Banking
CIMB Niaga will also develop branchless banking to lead the way in providing digital banking services. In addition, CIMB Niaga will be even more focused on Sharia products in the market to anticipate the potential of the development of the Sharia market.
In 2016, Sharia Banking managed to book an asset growth of 40.34%, or grew Rp3.67 trillion from Rp9.11
Sharia Banking
Profile of Sharia Banking
Objectives, Strategy, and Policies of Syariah Banking Development
Short-Term
Increase share of Sharia banking account for the Bank across all business segments by implementing a solid and integrated KPI with attractive rewards.
Medium-Term
Long-Term
Sharia Banking Performance in 2016
Asset Growth
Financing
Funding
Non-Performing Financing and Sustainable Business Process Improvements
CIMB Niaga Syariah continuously strives to improve the quality of products and services in order to build and improve the customer experience to maintain customer loyalty. CIMB Niaga Syariah has also created continuous added value to strengthen and improve the customers' heart share in the long term.
Sharia Banking Income in 2016
The next improvement was to implement effective and efficient cost management on an ongoing basis as part of the daily work culture. In addition, the improvement of efficiency has been made by optimizing the supporting technology of the information systems.
Offices and Distribution Network
Service improvements are carried out with the spirit of "Innovation from the Heart" in all operational processes, customer touch points and product benefits.
Human Resources Development
Compliance & Implementation of Sharia Governance Framework
In addition to the Syariah Advisory Group, these control activities were supported by the Risk Control Unit. In addition, CIMB Niaga Syariah has a common Shariah Compliance Policy and Standard Operating Procedures (SOPs) that provide guidelines for operational units to ensure adherence to Shariah principles.
Realization and Method of Profit Sharing
1st for Best ATM Performance, 3rd for Best Security Performance, 3rd for Phone Banking Performance and 4th for Best Overall Infobank Banking Service Excellence. Best Shariah Business Unit in Non-Rural Commercial Bank Category by Indonesia Banking Award (IBA) Tempo Media.
Plan, Focus, and Strategy for 2017
Financial Performance Review
In the face of challenging economic conditions, the
Company continues to improve its credit growth and low cost funds, as accelerate the credit restructuring and
Overview
Global condition which impacts the Bank’s performance Company
Expansion of electronic network coverage
2016 Strategies
Financial Position
Loan
The deterioration in loan quality in the mining sector was followed by a deterioration in loan quality in the transport, warehousing and communication industry from +1.0% to 4.8%, up from 3.8% in 2015, and the manufacturing industry which rose by +0.9%. to 3.4% compared to previous year at 2.5%. The deteriorating loan quality in various economic sectors has had a direct impact on the quality of loans disbursed by the Bank.
Asset Quality Committee
Cash and Cash Equivalents
Cash and Demand Deposits at BI and other Banks - Net
Placement with BI and other Banks - Net
Marketable Securities and Government Bonds - Net
Marketable Securities
Government Bonds
Investment
Fixed Assets
Deposits From Customers
Deposits from Customers by Currency
Deposits from Customers by Segment
Growth in customer deposits was seen across almost all corporate segments, with the largest growth recorded in the corporate banking segment, which grew +9.7% in 2016 to Rp33.3 trillion, up from Rp30.3 trillion in 2015, and Consumer Banking +3.8% to Rp93.8 trillion from Rp90.3 trillion last year. This was followed by a decline in commercial banking of -18.3% to Rp 19.2 trillion compared to last year of Rp 23.5 trillion and relatively stable MSME banking amounting to Rp 34.3 trillion (2015: Rp 34.4 trillion).
Current Account
Saving Account
Time Deposits
Deposits from Other Banks
Securities Issued and Subordinated Loans
Securities Issued
Subordinated Loans
Securities Sold with Repurchase Agreements
Borrowings
Equity and Capital Structure
Business Performance
Interest and Sharia Income
Interest income from settlements with other banks and Bank Indonesia decreased by Rp 43 billion or 16.1% to Rp 222 billion in 2016 compared to the previous year's income of Rp 265 billion. The decline was in line with the decrease in balance placement with other banks and Bank Indonesia to Rp 4.8 trillion and lower placements with average BI rate from 1.0% to 4.8%.
Interest and Sharia Expense
Net Interest Income
Non Interest Income
These fee income from cooperation with the bank's insurance partner resulted in an increase in bancassurance income of Rp 142 billion to Rp 614 billion or an increase of 30.1% compared to the previous year's income of Rp 472 billion, the increase followed by other commission income of Rp 92 billion to Rp 173 billion , also income from customer administration fees grew to Rp468 billion, an increase of Rp88 billion or 23.0% compared to the previous year. While revenues from export and import document service and clearing and transfer service saw a decrease of Rp 21 billion and Rp 11 billion, respectively, compared to the previous year.
Allowance for Impairment Losses (CKPN)
Other Operating Expense
The largest year-on-year increase in general and administrative expenses was in other expenses by Rp. 160 billion. Other Communication and transport Rent, depreciation and maintenance Third party costs Insurance costs Office furniture.
Cost Efficiency Program
This is followed by an increase in rental, depreciation and maintenance costs, which amounted to Rp 71 billion, in line with the occupancy of new buildings; telephone, telex and computer costs increased by Rp 63 billion, and third party costs are Rp 51 billion.
Non Operating Income/(Expense) - NET
Income Before Income Tax
Net Income and Earnings Per Share
Other Comprehensive Income
Breakdown of Comprehensive Income
Du Pont Analysis
Cash Flows
Net Cash Flow from/(for) Operating Activities
Net Cash Flow from/(for) Investing Activities
Net Cash Flow from/(for) Financing Activities
Breakdown of Cash Flow
Ratios
This was the result of +1.5% growth in loans distributed by the bank, the largest of which was in business with legal entities, which increased by +7.1%.
Commitments and Contingencies with Credit Risk
Total commitments and contingencies bearing credit risk as of December 31, 2016 increased by +Rp 6.5 trillion or by +10.5% to Rp 68.1 trillion compared to the previous year's balance of Rp 61.6 trillion. The increase was mainly due to an increase in the unused portion of the fund's facilities amounting to Rp 6.0 trillion to Rp 64.4 trillion, from Rp 58.4 trillion in the previous year.
Subsidiary Performance
Significant Agreements
The increase in third-party financing was also supported by the 9.9% year-over-year increase in CASA. The projection of key financial ratios and accounts based on historical values, macroeconomic conditions and the Bank's strategies in 2017 are as follows:.
Target Achievements 2016
Third-party financing grew by 1% year-on-year to Rp 180.6 trillion. in 2016, but was still below the set target.
Target 2017
The prime lending rate is also required as the indicator of the loan interest rate to be charged to customers proposing to borrow from the Bank. Generally, the Prime lending rate is calculated based on three components, namely the cost of funds.
Prime Lending Rate
For this purpose, the Bank always renews its prime lending rate based on the movement of the reference rate issued by Bank Indonesia. Information on the current principal loan interest rate is available at any time in the bank's branches and/.
ATM and SST
Electronic Network Transactions
CIMB Clicks
CIMB Clicks (excluding IBCC)
Go Mobile
The increase in the total number and value of MZhP transactions came as a result of the increase in remittances. The increase was in line with the increase in total transaction value of Rp 13.2 trillion, an increase of 34.8% compared to last year's results (2015: Rp 9.8 trillion).
Mobile Account
BizChannel@CIMB
Solvability
Other Material Financial Information
Stress Testing
Contingency Funding Plan
Collectability of Loans
Capital Structure
Material Commitments for Capital Expenditure
Material Information and Facts Subsequent to Reporting Date
Dividend Information
Employee and/or Management Share Options
Share Options
Management Option Program (MOP)
Equity Ownership Plan (EOP)
Below are the details of EOP approved by CIMB Group:. in Millions of Rupees) EOP Date of Approval Amount Paid by the Bank.
Realization of Proceeds from Public Offering
Material Information on Investment, Expansion, Divestment, Acquisition
Information Containing Material Transactions with Conflict of Interest
Important Transactions in Significant Amounts
Financial Information that Has Been Reported and Contains
Application of Foreign Account Tax Compliance Act (FACTA)
CIMB Niaga is registered with the IRS as a financial institution that will apply FATCA provisions. The Bank, as a financial institution, is required to report all types of fund transfer activities originating from US residents.
Procedures for Participating Companies
Regulatory Changes with Significant Impacts on the Bank and the Impact on Financial Statements
PMK.08/2016 on procedures for taxpayer transfer of assets to the territory of the Republic of Indonesia and placement of investment in financial markets in the framework of the tax amnesty, and amendments. PMK.08/2016 Concerning procedures for taxpayer transfer of assets to the territory of the Republic of Indonesia and placement of foreign investment in financial markets in the context of tax amnesty, and amendments.
Changes in Accounting Policy Effective in 2016
To increase the number of Indonesian investors in the capital market, take advantage of the potential of the Indonesian capital market and optimize the marketing function of a broker-dealer. Disclosure Initiative” • The improvement information for users of financial statements regarding activities of financing and liquidity entities.
Taxpayer Compliance
Business Sustainability
Development of Macroeconomy 2017 and Growth Focus of CIMB
Business Prospects
Description of Company’s Strategic Initiatives
Leverage Information TechnologyDifferentiation Strategy
Company Strategic Initiatives
Powering Ourselves with Low Cost Funding (CASA)
The company's focus on CASA is already reflected in the company's 2016 current account performance, which grew by 10.3% year-on-year, and recorded savings account growth of 9.5% year-on-year. Going forward, the company will continue to focus on CASA as a major funding component so that it can continue to grow its CASA ratio.
Preservation of Capital and Balance Risk Culture
