Bank Rakyat Indonesia (Indonesian People Bank) was established on December 16th 1895 in Purwekerto, Central Java, Indonesia. Through the Indonesian history of struggling for independence from the Dutch colonization and Japanese occupation, the bank has changed its name several times from Hulp-en Spaarbank der Inlandsche Bestuurs Ambtenaren, De Poerwokertosche Hulp Spaar-en Landbouw Credietbank (Volksbank), Centrale Kas Voor Volkscredietweses Algemene, Algemene Volkscredietbank, Syomin Ginko and Bank Rakyat Indonesia (BRI). On November 10, 2003, BRI became a publicly listed company and the name turn to PT Bank Rakyat Indonesia (Persero) Tbk. which is the largest bank in term of office network and net profit in Indonesia and the second biggest bank in term of asset.
Sometime in 1983, Indonesian Government implemented its program to deregulate the economy which resulted in strong growth rates, increase in private sector participation in manufacturing and trade, and a noticeable change in export patterns; i.e., drifted away from heavy reliance on oil and gas to a more balanced mix of manufactured goods, agricultural products, and of course oil and gas as well.
The financial sector commenced the process of deregulation in 1986. The original economic sectors assigned to each of the original five government owned commercial banks were removed, allowing these banks to pursue business throughout the economy. The deregulation provided a positive impact to BRI in Indonesia by experiencing substantial growth in loans to commercial and industrial sector without compromising its micro banking system.
The increased size, the changing nature of its customer base and substantial increase in opportunities to engage in international trade and financing activities undoubtedly gave way to establishment of overseas offices in which the New York Agency became the first. BRI New York Agency (BRINYA) obtained its license from the New York State Banking Department on April 8, 1988.