Company values in utmost appreciation to humanity and integrity have been deeply rooted within everyone at Bank Syariah Mandiri (BSM) since its early establishment.
Established since 1999, BSM has in fact appeared as blessings and a morale learnt from the 1997-1998 economic and monetary crisis. As is known, the economic and monetary crisis, followed by multi-dimension crisis including in the national politics, has massively affected all aspects of public life, not an exception to business matters. Under such a condition, the conventional banksdominated banking industry suffered from the worst crisis. The government finally took action by restructuring and recapitalizing the banks in Indonesia.
One of the conventional banks, PT Bank Susila Bakti (BSB) owned jointly by Employee Welfare Foundation (YKP) of PT Bank Dagang Negara and PT Mahkota Prestasi also suffered from the crisis. BSB sought to survive the crisis by merger with other banks and inviting foreign investors.
At the same time, the government merged four banks (Bank Dagang Negara, Bank Bumi Daya, Bank Exim, and Bapindo) to become a new bank under the name PT Bank Mandiri (Persero) on July 31, 1999. The merger policy also positioned and declared PT Bank Mandiri (Persero) as the new majority owner of BSB.
Further to the merger, Bank Mandiri embarked on consolidation and commissioned Sharia Banking Development Team. The team aims to develop sharia banking business services within the Bank Mandiri business group as a response to the law enforcement of UU No. 10 Year of 1998 that allows commercial banks for running sharia transaction services (dual banking system).
