PT Bank Sinarmas Tbk. was established on August 18, 1989 based on Deed No. 52 dated 18 August 1989 from Buniarti Tjandra, S.H., Notary in Jakarta, under the name PT Bank Shinta Indonesia and amended by Deed No. 91 dated 15 September 1989 from the same notary. The bank gained status as a Foreign Exchange Commercial Bank in 1995. In 2005, the Bank's journey entered a new phase after PT Sinar Mas Multiartha Tbk., A financial services company under the Sinar Mas Business Group took over 21% of shares in PT Bank Shinta Indonesia. In December 2006 the Bank changed its name to PT Bank Sinarmas.
The name change has been approved through an Extraordinary General Meeting of Shareholders as set forth in Deed No. 1 dated November 21, 2006 from Triphosa Lily Ekadewi, S.H., notary in Jakarta. In 2009, Bank Sinarmas obtained a permit to establish a Sharia Business Unit (UUS), based on Bank Indonesia Deputy Governor Decree No. 11/13 / PEM. Dpg / 2009 concerning the Granting of PT Bank Sinarmas Sharia Business Unit Business License (UUS) and in the same year the Bank obtained authorization from Bapepam (now OJK) to carry out the Trustee business activities. On December 13, 2010, Bank Sinarmas conducted an Initial Public Offering (IPO) with a capital structure of Rp728 billion and by issuing Series First Warrants.