PT CIMB Niaga Auto Finance (CNAF)

About PT CIMB Niaga Auto Finance (CNAF)

PT CIMB Niaga Auto Finance (CNAF) was established on December 10, 1981, under the name PT Saseka Gelora Leasing. In August 1993, the Company changed its name to PT Saseka Gelora Finance, with its business focus being leasing. In 1996, PT Bank CIMB Niaga Tbk (formerly PT Bank Niaga Tbk) became the majority shareholder of the Company with 79.65% ownership, and in 2007, PT Bank CIMB Niaga Tbk (CIMB Niaga) increased its ownership stake to 95.91%. In October 2009, in line with PT Bank CIMB Niaga Tbk's plan to more seriously pursue the financing business, the Company underwent a transformation by changing its business focus from leasing to consumer financing, specifically for motor vehicles. In August 2010, the Company changed its name to PT CIMB Niaga Auto Finance. This name change was also accompanied by a change in the Company's logo. In mid-2015, CIMB Niaga, as the majority shareholder of CNAF, and PT Kencana Internusa Artha Finance (KITAF) decided to merge these two motor vehicle businesses with the same business segment, with CNAF acting as the surviving entity. This plan received approval from the Financial Services Authority (OJK) on November 19, 2015, followed by shareholder approval through an Extraordinary General Meeting of Shareholders (RUPS) on December 23, 2015, and from the Ministry of Law and Human Rights on December 23, 2015. The merger between CNAF and KITAF became effective as of January 1, 2016.