Bank Sinarmas
An Indonesian commercial bank operating within the Sinar Mas Group and serving retail, corporate, treasury, and sharia-banking customers.
Last updated August 22, 2026
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Overview
Bank Sinarmas is an Indonesian commercial bank and a subsidiary of Sinar Mas Multiartha Tbk, part of the broader Sinar Mas Group. The institution traces its origins to 1989, when it was established as PT Bank Shinta Indonesia under the ownership of the Hermijanto family-controlled Shinta Group, whose business interests included textiles and manufacturing. Over time, the bank developed from a smaller domestic institution into a more broadly based commercial bank serving individuals, businesses, and institutional customers in Indonesia. The bank expanded its regulatory and geographic position during the 1990s. It opened a branch in Bandung in 1993 and was designated by Indonesia's Ministry of Finance as a perception bank in 1994. In 1995 it obtained foreign-exchange-bank status, allowing it to conduct foreign-currency banking activities, and it added a Surabaya branch in 1996. A major ownership transition occurred in April 2005, when PT Sinar Mas Multiartha Tbk and PT Shinta Utama became the bank's majority shareholders. At that time, the bank reportedly had assets of approximately IDR 436 billion. The institution adopted the Bank Sinarmas name by the end of 2006, following its integration into the Sinar Mas financial-services structure. Its reported assets had reached approximately IDR 2 trillion by that point. The bank subsequently broadened its service model by establishing a Sharia Business Unit in 2009. It also received roles and permissions connected with Indonesia's financial infrastructure, including designation as a depository bank for compensation-margin and guarantee funds by Bappebti and authorization from Bapepam to conduct trustee activities. Bank Sinarmas became a publicly listed company on the Indonesia Stock Exchange in 2010. Its banking activities include conventional retail and corporate banking, treasury and foreign-exchange services, electronic banking, lending, deposits, and Islamic banking through its Sharia Business Unit. In 2018, it was designated as a deposit recipient bank for fees associated with organizing the Hajj pilgrimage, adding a specialized public-service-related function to its banking activities. The bank's operating footprint includes conventional branches, sub-branches, cash offices, and sharia outlets. The referenced 2020 information describes a network of 69 branch offices, 134 sub-branch offices, 140 cash offices, 28 sharia branches, and 12 sharia cash offices. Its positioning is therefore that of a domestically focused, multi-channel Indonesian bank, supported by the financial-services capabilities and group infrastructure of Sinar Mas. It is not presented as a globally distributed bank; its principal market remains Indonesia.
History
Bank Sinarmas began operations in 1989 as PT Bank Shinta Indonesia. The original institution was associated with the Hermijanto family's Shinta Group, a business group with interests in textile and manufacturing activities. During its early development, the bank established a presence beyond its initial base by opening a Bandung branch in 1993. In 1994, Indonesia's Ministry of Finance designated the bank as a perception bank, a role connected with the receipt of certain state-related payments. The following year, the bank received foreign-exchange-bank status, enabling it to conduct foreign-currency banking activities. It continued its branch expansion with the opening of a Surabaya office in 1996. A decisive change in ownership took place in April 2005. PT Sinar Mas Multiartha Tbk and PT Shinta Utama became the majority shareholders of the institution, which at that time was reported to have assets of approximately IDR 436 billion. This transaction brought the bank into the Sinar Mas financial-services group and set the foundation for its later rebranding and strategic expansion. By the end of 2006, the bank had adopted the Bank Sinarmas name. Its reported assets had risen to approximately Rp 2 trillion. The new identity aligned the institution with Sinar Mas while retaining its role as a banking operating company. The bank expanded beyond conventional banking in 2009 by forming a Sharia Business Unit, allowing it to offer Islamic banking services alongside its conventional products. During the same period, Bank Sinarmas received additional institutional roles. Bappebti designated it as a depository bank for compensation-fund margins and guarantee funds. It also obtained a Bapepam license to conduct trustee activities. These permissions broadened the bank's role beyond ordinary deposit-taking and lending into selected capital-market and financial-market support functions. Bank Sinarmas was listed on the Indonesia Stock Exchange in 2010. Public-company status gave the bank a listed equity structure and connected it more visibly to Indonesia's capital markets. The bank continued to operate as a member of the Sinar Mas financial-services ecosystem while developing retail, corporate, treasury, electronic, and sharia banking activities. In 2018, the bank was designated as a deposit recipient bank for the Hajj Pilgrimage Organizer Fee. This designation added a specialized deposit-taking function related to the administration of Hajj services in Indonesia. By the end of 2020, the bank's disclosed physical network included 69 branch offices, 134 sub-branch offices, 140 cash offices, 28 sharia branch offices, and 12 sharia cash offices. The available reference material presents Bank Sinarmas as an active Indonesian commercial bank with nationwide domestic operations, a mixed conventional-and-sharia offering, and ownership ties to Sinar Mas Multiartha and the wider Sinar Mas Group.
- 2020
Reported multi-format domestic network
[1]By the end of 2020, the bank was reported to operate 69 branches, 134 sub-branches, 140 cash offices, 28 sharia branches, and 12 sharia cash offices.
- 2018
Designated as a Hajj-fee deposit recipient bank
[1]The bank was designated as a deposit recipient bank for the Hajj Pilgrimage Organizer Fee.
- 2010
Listed on the Indonesia Stock Exchange
[1]Bank Sinarmas became a publicly listed company on the Indonesia Stock Exchange.
- 2009
Sharia Business Unit established
[1]The bank established a Sharia Business Unit to provide Islamic banking services alongside its conventional banking operations.
- 2006
Bank Sinarmas name adopted
[1]By the end of the year, the institution had changed its name to Bank Sinarmas and reported assets of approximately Rp 2 trillion.
- 2005
Sinar Mas-related shareholders became majority owners
[1]In April, PT Sinar Mas Multiartha Tbk and PT Shinta Utama officially became the bank's majority shareholders. Reported assets at the time were approximately IDR 436 billion.
- 1996
Surabaya branch opened
[1]The institution continued its Indonesian branch expansion with a new office in Surabaya.
- 1995
Received foreign-exchange-bank status
[1]The bank was designated as a foreign exchange bank, broadening its ability to conduct foreign-currency banking activities.
- 1994
Designated as a perception bank
[1]Indonesia's Ministry of Finance designated the bank as a perception bank.
- 1993
Bandung branch opened
[1]The bank expanded its domestic presence by opening a branch office in Bandung.
Products and positioning
An Indonesia-focused full-service commercial bank combining conventional and sharia banking with retail, corporate, treasury, foreign-exchange, electronic, and trustee-related services under the Sinar Mas financial-services group.
Consumer banking
Retail banking
Bank Sinarmas serves individual customers through conventional retail-banking products such as deposit accounts, payments, consumer lending, and electronic banking. The available reference identifies retail banking as one of the bank's principal business areas, although it does not provide a complete current product catalogue.
Business banking
Corporate and commercial banking
The bank provides banking services to corporate and commercial customers, including business deposits, lending, transactional banking, and related financial services. These activities form part of its broader Indonesian commercial-banking model.
Islamic banking · 2009
Sharia Business Unit
Established in 2009, the Sharia Business Unit extends Bank Sinarmas's offering into Islamic banking. It operates through sharia branches and cash offices in addition to the bank's conventional network.
Financial markets · 1995
Treasury and foreign-exchange services
Bank Sinarmas conducts treasury and foreign-exchange activities. Its foreign-exchange-bank designation dates to 1995, while treasury services support the bank's corporate, institutional, and financial-market operations.
Digital banking
Electronic banking
Electronic banking is part of the bank's service scope, supporting customers through digital and electronic channels. The supplied reference does not specify individual platforms or product names.
Capital-markets services · 2009
Trustee services
The bank received a Bapepam license to conduct trustee activities. This authorization places Bank Sinarmas among institutions able to perform selected trustee functions connected with capital-market instruments.
Brand decisions
2018
Designation as a Hajj-fee deposit recipient bankStrategyBackground
Indonesia's Hajj administration requires designated financial institutions to receive and hold relevant pilgrimage-organizer fees.
Action taken
Bank Sinarmas was designated as a deposit recipient bank for the Hajj Pilgrimage Organizer Fee.
Aftermath
The designation added a specialized deposit-taking and public-service-related role to the bank's Indonesian operations.
2010
Public listing on the Indonesia Stock ExchangeOtherBackground
After becoming part of the Sinar Mas financial-services structure and expanding its banking activities, the institution moved into the public equity market.
Action taken
Bank Sinarmas listed its shares on the Indonesia Stock Exchange.
Aftermath
The listing established the bank as a publicly traded Indonesian financial institution under the ticker BSIM.
2009
Expansion into sharia bankingStrategyBackground
The bank sought to broaden its Indonesian banking proposition beyond conventional products.
Action taken
Bank Sinarmas established a Sharia Business Unit and developed a network of sharia branches and cash offices.
Aftermath
The bank gained a dual conventional-and-sharia operating model and expanded the range of customers and financial needs it could serve.
2006
Rebranding as Bank SinarmasStrategyBackground
Following the entry of Sinar Mas-related majority shareholders, the bank was positioned within the group's financial-services portfolio.
Action taken
By the end of 2006, the institution changed its name from Bank Shinta Indonesia to Bank Sinarmas.
Aftermath
The new name aligned the bank's identity with Sinar Mas; reported assets had reached approximately Rp 2 trillion by the end of 2006.
Reported bank assets. IDR 436 billion → Rp 2 trillion (2005 to the end of 2006)
2005
Change in majority ownershipM&ABackground
Bank Shinta Indonesia was operating as a domestic bank associated with the Shinta Group when Sinar Mas Multiartha and Shinta Utama entered as majority shareholders.
Action taken
In April 2005, PT Sinar Mas Multiartha Tbk and PT Shinta Utama officially became the bank's majority shareholders.
Aftermath
The ownership change preceded the bank's renaming as Bank Sinarmas and its integration into the Sinar Mas financial-services structure.
Reported bank assets. IDR 436 billion (At the time of the April 2005 ownership change)
Sources1 sources
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