Issuance of MSIG Indonesia Insurance Policy Endorsement in Related to Portfolio Transfer from Standard Chartered Bank (Indonesia) to PT Bank Danamon Indonesia, Tbk

Issuance of MSIG Indonesia Insurance Policy Endorsement

In connection with the signing of the agreement between Standard Chartered Bank Indonesia (SCBI) and PT Bank Danamon Indonesia Tbk (Danamon) regarding portfolio acquisition, there are some important changes that you need to be aware of as our customers. This agreement specifically involves the acquisition of SCBI's conventional retail loan portfolio by Danamon, such as Credit Card Personal Loan (CCPL), Mortgage, and Auto Loan (Loan Portfolio Transfer). Information about this agreement was included in a press release issued by both banks on April 17, 2023.

In response, PT Asuransi MSIG Indonesia informed that the portfolio acquisition also has a significant impact on the Fire Insurance Policy attached to the Mortgage product, which was previously owned by SCBI. The important change lies in the clause related to the 'banker's clause', which initially stated that "the property insured under the policy is pledged to Standard Chartered Bank Indonesia" to become "the property insured under this policy has been pledged to PT Bank Danamon Indonesia, Tbk". The Credit Portfolio Transfer process is expected to be completed by the fourth quarter of 2023, subject to applicable regulatory requirements.

Following this action, we will immediately prepare the amendment process of the Fire Insurance Policy and we will issue it when the Credit Portfolio Transfer process has been completed. If you, as the Insured of the Fire Insurance Policy, agree with this arrangement, then you do not need to take any action. If you do not agree to these changes, we are happy to hear from you before January 12, 2024. If we do not receive a response from you after that date, we will assume that you agree to the changes to the Fire Insurance Policy.

You can respond to us by calling 252 3110.

To find out more about Standard Chartered Bank Indonesia and Bank Danamon Indonesia press release, please click here:

Standard Chartered Bank Indonesia Press Release

Bank Danamon Indonesia Press Release

Thank you for your attention and cooperation.