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About Us11

Bank Swadesi started as rural bank called Bank Pasar Swadesi and was established at Surabaya in 1968. In 1984. the full ownership of the bank was taken over by Chugani family that steered this bank into a commercial bank on 2nd September 1989, called PT Bank Swadesi.

In the year 1990, Bank Swadesi was merged with PT Bank Perkreditan Rakyat Panti Daya Ekonomi which was operating in Surakarta, that enable to open the Branch in Jakarta. Upon receipt of approval from Bank Indonesia, in 1992 Bank Swadesi allowed to perform moneychanger business.

The development process continued under new ownership and management and on November 11th 1994 Bank Swadesi was granted the status as a Foreign Exchange Bank. The new status fortifies Bank Swadesi's position as a trustworthy institusion, providing variety of financial services and facilities as required by the customers.

In view of the future business expansion and to get closer to the national business center, in 1995 the head office was relocated from Surabaya to Jakarta. Consistency towards commitment for on going development and providing service excellencies based on prudential banking principles confirms Bank Swadesi's accomplishment to surpass hardships amidst multi dimentional crises that swarmed Indonesia. Pursuant to the independent due diligence, Bank Swadesi was classified as a category 'A' bank and did not need a recapitalization program.

Keeping in mind bank's expansion particularly on capital aspect, a strategic action was taken in 2002 when Bank Swadesi listed its share a Jakarta Stock Exchange and reckoned as the 22nd public bank. in line with Indonesian Banking Architecture (API) program, Bank Swadesi has accomplished the minimum required capital of IDR 100 billion, for he Focus Bank Category. Bank's sufficient networth wiil provide it with competitive advantage to benefit from existing opportunities.

Up to the end of 2007, Bank Swadesi has developed its operational network in two major Indonesian cities • Jakarta and Surabaya, which consisted of 4 branches, 5 sub branches. 5 payment points, and 1 unit mobile cash unit. Based on new revised vision and mission, commitment to provide excellencies and applying prudential banking. Bank Swadesi is committed to offer best products and services for the community and Indonesian economic development.

In order to attain its vision and mission and also to strengthening its position amongst national banking society. Bank Swadesi decided to tie with a strategic alliance by inviting strong investor. The attempt was successful with the signing of Shareholder Agreement between major shareholders and Bank of India which desired to acquire majority shares of Bank Swadesi ie 235,600,000 shares representing 76% of total capital of Bank Swadesi on June 22nd 2007. Thereafter. Bank of India officially became the controlling shareholder (majority shareholder) of Bank Swadesi.

With the support from Bank of India. Bank Swadesi will continue to establish strong foundation to give best performance by continuous growth through transfer of knowledge and technology, employee placement, and capital expansion when necessary. Bank of India a Bank with over 100 years of experience, 25 overseas branches and offices in different countries viz USA, United Kingdom. Channel Islands, Belgium, France, Kenya, Singapore, Indonesia. Hong Kong, West Indies, Japan, China. Vietnam, South Africa, and 2.718 office in the whole of India, will support Bank Swadesi to grow and advance by taking part in national and international banking activities.