Bank Reboot
Forbes Indonesia|June 2018

Tigor Siahaan has revitalized the performance of CIMB Niaga bank.

Ulisari Eslita
Bank Reboot
 When Tigor Siahaan took over as president director of PT CIMB Niaga in June 2015, the bank was under pressure. Indonesia’s GDP growth rate had dropped below 5% that year, hit by the commodity downturn and other factors. The bank had seen net profit for the year drop 82% to Rp 428 billion. The stock had fallen from about Rp 1,200 in May 2013 to just Rp 500 in May 2015—a decline of 58%. Bank CIMB Niaga’s current account and saving account ratio (CASA), a vital funding source, had fallen to 47%, below the industry average of 50%.

Tigor, however, was a veteran banker who had spent two decades rising up through the ranks at Citibank, with his last position as Citi’s Indonesian country head for four years (the first Indonesian in that position). Tigor rolled up his sleeves and got to work. Tigor’s ability to affect a turnaround was critically important to CIMB Niaga’s parent firm, Malaysian financial firm CIMB Group Holdings Bhd (which holds 92.5% of CIMB Niaga). While Citi’s Indonesian unit was a big operation, it was only one of dozens of countries where Citi, one of the world’s largest banks, operated. By contrast, CIMB Niaga was CIMB’s largest operation of its five main markets—it is Indonesia’s fifth largest bank by assets. Whatever Tigor’s did—or did not—do would have a major impact on the parent firm’s results.

This story is from the June 2018 edition of Forbes Indonesia.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the June 2018 edition of Forbes Indonesia.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM FORBES INDONESIAView All
BACK ON TRACK
Forbes Indonesia

BACK ON TRACK

Collective wealth gets a 21% boost to a record $162 billion amid an economic uptick.

time-read
10+ mins  |
December 2021
Championing Locals
Forbes Indonesia

Championing Locals

The wave of social commerce is enabling inclusive digital economies beyond urban areas.

time-read
6 mins  |
December 2021
Boys in the Bubble
Forbes Indonesia

Boys in the Bubble

Startups are supposed to specialize, but OPENSEA’s founders thrived by building a wide-open market for creating and trading all manner of NFTs, whether art, music or gaming. Now that they’re centimillionaires and poised to become billionaires, they have other worries: competitors, fraudsters and the next crypto crash.

time-read
6 mins  |
December 2021
Enduring Relations
Forbes Indonesia

Enduring Relations

The implementation of IA-CEPA amid the pandemic signifies the Indonesia-Australia’s commitment to recover and counter future challenges together.

time-read
6 mins  |
December 2021
Sweet Success
Forbes Indonesia

Sweet Success

Steven Erwin envisions Unifam to become a major global player in the confectionery and F&B industry.

time-read
5 mins  |
December 2021
Marathon Man
Forbes Indonesia

Marathon Man

Across America, scores of municipal pension funds remain scandalously underfunded. But not the pension fund of Tampa’s police and firemen, thanks in large part to JAY BOWEN, whose no-frills approach to stock picking has protected and served them for more than 45 years.

time-read
5 mins  |
December 2021
Gold Rallies on Inflation Fears
Forbes Indonesia

Gold Rallies on Inflation Fears

During September the price of gold rallied to $1,868 per ounce following the release of figures on US inflation by the Bureau of Labor Statistics which indicated that, as of September, CPI inflation had rocketed to 6.2%, above the 5.8% which economists had been predicting.

time-read
2 mins  |
December 2021
Set Off to A New Start
Forbes Indonesia

Set Off to A New Start

Bank Aladin has two main ingredients for success: establish trust and offer better customer experiences.

time-read
5 mins  |
December 2021
The Daily Intake
Forbes Indonesia

The Daily Intake

YOUVIT plans to invest further into marketing and grow into one of the leading vitamin brands in Indonesia.

time-read
4 mins  |
December 2021
THE CROESUS OF CRYPTO
Forbes Indonesia

THE CROESUS OF CRYPTO

FTX COFOUNDER SAM BANKMAN-FRIED BUILT A $22.5 BILLION FORTUNE BEFORE HIS 30TH BIRTHDAY BY PROFITING OFF THE CRYPTOCURRENCY FRENZY—BUT HE’S NOT A TRUE BELIEVER. HE JUST WANTS HIS WEALTH TO SURVIVE LONG ENOUGH TO GIVE IT ALL AWAY.

time-read
10+ mins  |
November 2021