Agro Bank Malaysia

Agrobank (Bank Pertanian Malaysia Berhad)
Government-linked-Company (GLC)
Industry Banking and Finance Services
Founded 1969
Headquarters Kuala Lumpur, Malaysia
Key people
 Tan Sri Faizah bt. Mohd. Tahir(Chairman)
Dato' Wan Mohd. Fadzmi bin Wan Othman
(President/Chief Executive Officer)
Products Banking and Finance
Slogan Always By Your Side
Website http://www.agrobank.com.my

Agrobank, formerly known as Bank Pertanian Malaysia, is an institution which provides holistic financial services and banking facilities such as savings activities, banking services, loan facilities, insurance coverage and advisory services. It is a Government-linked-Company (GLC) under the Minister of Finance Incorporated (MFI) with 176 branches in 14 states of Malaysia (as at 25 October 2011). Focusing on agriculture, the bank’s financing of the agricultural sector is driven by a policy set forth by the Ministry of Agriculture and Agro-based Industries.

History

Agrobank was established in 1969 under the Act of the Parliament of Malaysia No. 9/69 on 1 September 1969 as "A development finance institution directly involved in financing the agriculture sector." It commenced operations on 1 January 1970.

On 12 December 2007, Dewan Rakyat (the Lower House of the Parliament) has approved the proposed Bank Pertanian Malaysia 2007 Bill to incorporate Bank Pertanian with a paid-up capital of RM1 billion to enable it to be competitive with other financial institutions and empower it to help develop agriculture as the third engine of growth under the Ninth Malaysia Plan. On 19 December 2007, Dewan Negara (the Upper House) approved the bill.

Products and services

Personal Banking

Savings/deposit

Loan/financing

Other services

Business Banking

Special Government Fund

Loan / Micro Financing

Credit Guarantee Scheme

Agro Banking

Commercial Fund

Rebranding

The rebranding and corporatisation of Bank Pertanian Malaysia to Agrobank were established on 8 April 2008. This initiative was among the ways to highlight Agrobank to be more upfront and competitive by fostering a fresher outlook, and enables it to provide a broader range of services to the market and cater to the whole segment of the agriculture industry.

An external consultant was deployed to carry out the PR and rebranding exercise for Agrobank, penetrate the market and create awareness among the public. This is aligned with the objective of the new rebranding which is to position the bank as a forward looking, modern and progressive enterprise, and at the same time contribute to the growth and sustenance of the agriculture sector in Malaysia.

Special features

One of the main special features of the bank is the low amount of the entry point to start a personal account and enjoy the privilege of an ATM card. With a minimum of RM20.00 or USD8.20(1 USD = RM3.4), any Malaysian can open up an account. For non-citizen of Malaysia, the minimum amount to open up a personal account will be RM50.00 (USD14.70). Adding up another RM8.00 (USD2.35) allows the customer to own an ATM card with Malaysian Electronic Payment System (MEPS). This feature caters to the needs of millions, especially medium to lower class citizens and foreign workers in Malaysia.

External links

Official webpage: http://www.agrobank.com.my

This article is issued from Wikipedia - version of the Sunday, May 31, 2015. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.