Company: Bank CIMB Niaga Tbk PT
Brand value: US$192 million
Headquarter city: Jakarta
Year formed: 1955
Card service innovations drive banking brand
CIMB Niaga was formed by the merger of Lippo Bank and Bank Niaga, and while it has branches across the country, it promotes branchless banking with a communications focus on the desirability of its credit and debit card services. It has financial services subsidiaries offering Islamic banking, asset management and insurance. The distinctive red CIMB Ultimate card is a premium account with a rewards scheme and concierge service; its slogan is “Red is the new black”. CIMB Tabungan Xtra is the bank’s savings product, with a free debit card and no monthly fees, while the CIMB AirAsia Savers account and AirAsia Visa Card allow customers to earn points to put towards flights with AirAsia, the regional airline. The Malaysian-based banking group CIMB, which has operations in Singapore, Malaysia, Cambodia and Thailand, owns a controlling stake in CIMB Niaga, which is traded on the Indonesia Stock Exchange.