Sebastian Paredes resigns from Danamon

Juan E. Sebastian Paredes M has tendered his resignation letter as chief executive officer (CEO) of Bank Danamon. He has been in the position since May 2005. Danamon had total asset of Rp100 trillion as of Sept 2009, while its market capitalization surged 112% since April 2009 to Rp44 trillion.

People close to Bank Danamon confirmed the rumor that Sebastian Paredes resigns as the CEO of the bank. "There will be a media briefing on Monday about that," one source at Danamon said Friday night. It is not clear why Sebastian resigns.

Danamon told IDX Monday morning that his resignation will be effective after the bank's shareholders meeting scheduled in April 2010.

Sebastian was appointed CEO of Danamon in May 2005. An Ecuador citizen, Sebastian born in 1961. Graduated with bachelor of science from California State University, Sebastian (his full name is Juan Eugenio Sebastian Paredes Muirragui) got his MBA from Instituo de Empresa, Madrid, Spain. He was managing director of Citigroup for South Africa before the Danamon job. 

Danamon is indirectly controlled by Singapore's Temasek Holdings. Danamon is the fourth largest bank in Indonesia in terms of market cap, behind BCA, Mandiri, and BRI, but the sixth in terms of asset behind Mandiri, BRI, BCA, BNI, and CIMB-Niaga.

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