Agro Bank Malaysia

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Agrobank (Bank Pertanian Malaysia Berhad)
Type 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
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[edit]

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."[citation needed] 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.[1] On 19 December 2007, Dewan Negara (the Upper House) approved the bill.[2]

Products and services[edit]

Personal Banking[edit]

Savings/deposit

  • AgroSavings
  • AgroSavings-i (Islamic)
  • Fixed Deposit / Investment
  • AgroPerdana
  • AgroPerdana-i

Loan/financing

  • AgroCash (Wawasan Tani)
  • AgroCash-i (Bai' Al-Inah)
  • Insani Educational Loan
  • Hartani-i
  • Ar-Rahnu

Other services

  • Insurance
  • e-Debit
  • Real Time Electronic Transfer of Funds and Securities (RENTAS)
  • InterBank GIRO (IBG)
  • InterBank Fund Transfer (IBFT)
  • Letter of Will (ARB) Sale Service
  • Collection Agent For Utility Bills
  • Collection Agent For Local Authorities
  • Collection Agent For Zakat (Tithe) Payments
  • Automated Teller Machine (ATM)& MPES
  • Mobile Top-Up
  • Remittance-Western Union
  • SSPN
  • PEYATIM

Business Banking[edit]

Special Government Fund

  • Entrepreneur Loans Fund Agriculture (DPUP)
  • Tabung Untuk Makanan (3F-Fund For Food)
  • Skim Tanaman Semula Kelapa Sawit (TASKS)
  • Skim Belia Tani -i / Skim Belia Niaga

Loan / Micro Financing

  • Modal Usahawan 1 Malaysia (MUS1M/MUS1M-i)
  • Micro Economy Stimulus Package (Micro ESP-i)

Credit Guarantee Scheme

  • Syarikat Jaminan Pembiayaan Perniagaan Berhad (SJPP)
  • Credit Guarantee Corporation Malaysia Berhad (CGC)

Agro Banking[edit]

Commercial Fund

  • Project Loan
  • Pinjaman Modal Kerja Kontrak Tani
  • Pinjaman Modal Kerja Niaga Tani
  • Special Advanced For Fixed Deposit
  • Pemfaktoran (Debt Factoring)

Rebranding[edit]

The rebranding of Bank Pertanian Malaysia to Agro Bank was done on 8 April 2008. The move is taken as an initiative to make the bank more 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[edit]

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), a 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[edit]

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