This bank was established under the name North Central Sulawesi Regional Development Bank based on Deed no. 88 dated March 17, 1961 by Raden Hadiwido, a substitute notary from Raden Kadiman, Notary in Jakarta which was amended by Amendment Deed of Articles of Association No. 22 August 4, 1961 by Raden Kadiman Notary in Jakarta and Deed of Amendment to Articles of Association No. 46 dated October 10, 1961 by Raden Hadiwido in lieu of Raden Kadiman, a notary in Jakarta, who had been endorsed by the Minister of Justice of the Republic of Indonesia by stipulating No. J.A.5 / 109/6 dated October 13, 1961. Pursuant to Law No. 13 of 1962 concerning the basic provisions of the Regional Development Bank jo. Law no. 13 of 1964 concerning, among others, the formation of the North Sulawesi Regional Level I Province was changed to a Regional Company of the North Sulawesi Regional Development Bank in accordance with the Regional Regulation dated June 2, 1964 and the amendments and finally amended based on North Sulawesi Provincial Level I Regional Regulation No. 1 of 1999 concerning changes in the legal form of the North Sulawesi Regional Development Bank No. 1 of 1999 concerning the change in legal form of the North Sulawesi Regional Development Bank from a Regional Company to a North Sulawesi Regional Development Bank Limited Company.
As a limited liability company, the establishment of the Bank of North Sulawesi was carried out with Deed No. 7 dated April 14, 1999 made before Joanes Tommy Lasut, SH, a notary in Manado which was endorsed by the Minister of Justice R.I with Decree No. C-8296.HT.01.01.TH’99 dated May 14, 1999 and announced in State Gazette R.I. No. 63 dated August 6, 1999 and Supplement to the State Gazette of R.I. No. 4772. Authorized Capital is set at Rp. 100 billion with ownership of Province, Regency and City Series A shareholders a maximum of 55% and series B shareholders together with third parties including cooperatives a maximum of 45%. The shares are divided into Series A Shares of 550,000 face value @ Rp. 100,000, - (One hundred thousand rupiah) and Series B Shares as much as 450,000 minimum value @ Rp. 100,000, - (One hundred thousand rupiah). The change in form of the legal entity of the Bank of North Sulawesi is a claim in the framework of fulfilling one of the requirements to join the banking recapitalization program because the Bank of North Sulawesi faces the risk of a minimum capital requirement (KPPM) of less than 8%.
Based on Regional Regulation No. 84 of 1998 concerning the Commercial Bank Recapitalization Program, Joint Minister of Finance Decree and Governor of Bank Indonesia No. 135 / KMK.017 / 1999 and No. 32/17 / KEP / GBI dated 9 April 1999, the Bank of North Sulawesi signed the Recapitalization Agreement. In 2004 the Government of Indonesia through the Minister of Finance has resold (divested) all state shares in the Bank of North Sulawesi based on the Sale and Purchase Agreement of all State Shares and the Settlement of Government Bonds at PT. Bank of North Sulawesi dated June 30, 2004.
After the Bank of North Sulawesi escaped from the banking recapitalization program there were a number of changes to the Articles of Association relating to changes in the composition of share ownership after divestment of state shares, and finally with an increase in authorized capital of Rp. 100 billion to Rp. 300 billion which has been approved by the Minister of Law and Human Rights No. C-24640 HT.01.04.TH.2006 dated August 23, 2006 has been announced in the Official Gazette of the Republic of Indonesia dated October 23, 2006 No. 85 Additional No. 11432/2006.