Bank Pertanian Malaysia is now re-branded as Agrobank. Agrobank was incorporated on 1 April 2008, with the original Bank Pertanian started way back in 1969. The bank has a strong paid up capital of RM1 billion.
The move is taken as an initiative to make the bank more competitive by fostering a fresher outlook, and enable it to provide a broader range of services to the market and cater the whole segment of the agriculture industry.
The bank will also be under the purview of the Ministry of Agriculture and Agro-based Industry and is still fully owned by the government of Malaysia. Datuk Mustapha Mohamed is the new minister, who replaced Tan Sri Muhyiddin Yassin, who takes a new role as the Minister of International Trade and Industries.
The purposes of the Agrobank’s inception are as follow:
- To nurture and encourage the development of agriculture sector in Malaysia
- To coordinate and streamline credit assistance to Malaysian citizens or companies who are running agriculture based businesses
- Provide loan assistance or capital for the purpose of production and marketing of agro-based products and operation
An external consultant is now being 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 agriculture sector in Malaysia.