State Bank of India acquired 76% shares of PT Bank Indomonex on December 14th 2006, took over the management control in June 2007 and operates in Indonesia as a foreign subsidiary of State Bank of India. In June 2009 the bank attained the status of “Bank DEVISA” which entitled the bank to conduct business in Foreign exchange transactions. Subsequently in 2009 the name of the bank was changed to Bank SBI Indonesia to reflect the new ownership of SBI. SBI has acquired another 23 % stake and increased its stake to 99%.