Bank Rakyat and SEKATARAKYAT History

Establishment of Bank Rakyat

• Syarikat Kerjasama Bank Rakyat, also known as SEKATARAKYAT, was established by Bank Rakyat employees.
• Rakyat First Merchant Bankers Berhad (Rakyat First) was launched as Bank Rakyat's merchant banking arm.

Launch of Savings Scheme

• Nuri Savings Scheme was launched by the Minister of National and Rural Development to encourage a savings culture among school children.

Establishment of Rakyat Trading Corporation

• Rakyat Trading Corporation Sdn Bhd (RTC) was established, supplying construction materials and distributing goods produced by ASEAN Chemical Fertiliser.

Bank Kerjasama Rakyat Malaysia Berhad Act

• The Bank Kerjasama Rakyat Malaysia Berhad Act (Special Provisions 1978) came into force, placing Bank Rakyat under the supervision of the Minister responsible for cooperative development.

White Paper on Bank Rakyat

• A White Paper on Bank Rakyat was tabled in Parliament following the tabling of the Bank Kerjasama Rakyat Malaysia Berhad (Special Provisions Bill) in Dewan Rakyat on 19 December 1977.

Joint Venture with Deutsche Genossenchaftsbank

• A joint venture agreement was signed with Deutsche Genossenchaftsbank (DG Bank), enabling Bank Rakyat to participate in the merchant banking segment.

Launch of Mobile Banking Services

• Mobile Banking Services were launched at the Alor Setar branch, with the Mobile Banking vehicle operating at Lembaga Padi dan Beras Negara Complex during the harvesting season.

Increase in Bank Membership

• Bank membership increased to 29,002, comprising 28,134 individuals and 868 cooperatives.

Financial Performance

• Total assets reached RM519.0 million, and net profit reached RM5.9 million.

Education Loan Scheme

• The first Education Loan Scheme, Skim Pinjaman Menanam Budi, was launched.

Official Adoption of Bank Rakyat Name

• The name "Bank Rakyat" was officially adopted, following a personal proposal by the then Prime Minister, Tun Abdul Razak.

Branch Openings

• The Bagan Serai branch was opened, officiated by Menteri Besar of Perak, Dato’ Sri Ahmad Mohd Said.
• The Muar branch was opened, officiated by Menteri Besar of Johor, Dato’ Othman Mohd Saat.

Publication of Berita Bank Kerjasama

• The first newsletter, Berita Bank Kerjasama, was published, with the Editor's Column touching on the possibility of establishing a single Cooperative Union in Malaysia.

Expansion of Services

• Services were expanded to include providing loans to members for business ventures, industries, and asset purchases such as houses.

Establishment of Angkatan Kerjasama Kebangsaan Malaysia

• Angkatan Kerjasama Kebangsaan Malaysia Berhad (ANGKASA) was established after an agreement was reached at the 2nd Malaysia Cooperative Congress.

Branch Openings

• The Melaka branch was opened at Jalan Hang Tuah, officiated by the Chief Minister of Malacca, Dato’ Talib Karim.
• The Kangar branch was opened, officiated by the Regent of Perlis, Tuanku Syed Sirajuddin Ibni Tuanku Syed Putra Jamalullail.
• The Kota Bharu branch was opened by Kelantan Acting Menteri Besar, Dato’ Mohamed Nasir.

Provident Trust Fund Account

• The Provident Trust Fund Account was launched.

Name Change and Subsidiary Establishment

• The name was changed from Bank Kerjasama to Bank Kerjasama Rakyat Malaysia Berhad or Bank Rakyat at the 17th Annual General Meeting (AGM).
• Bank Rakyat's first subsidiary, Bank Agong Kampong Bekerjasama-sama Persekutuan Tanah Melayu Dengan Tanggongan Berhad, was established with its headquarters in Bukit Mertajam, Penang.