Koperasi Bank Persatuan Malaysia Berhad or Bank Persatuan is a cooperative organization and it was established on 7th June 1950 under the name ‘The Province Wellesley Cooperative Banking Union Limited’ in Butterworth, Penang.
Bank Persatuan is in the process of upgrading their operation from credit cooperative to become second cooperative bank in Malaysia after Bank rakyat. They expected to become a cooperative bank by July 2010 after meeting the condition set by Bank Negara Malaysia. The main condition is to have RM300 million paid up capital.
In order to obtain the required paid up capital, Bank Persatuan open the membership to interested individual or co-operative. For the past 5 years, Bank Persatuan pays very attractive dividend to their members. Since 2004, they pay at least 10% dividend per year. This is a very good alternative for Bank Rakyat co-operative. Kindly browse ‘Historical Bank Persatuan Dividend Rate‘ page for previous year dividends.
For those who are interested to become a member, you have to register at any 13 branches of Bank Persatuan nationwide. You can find the address here. At the time of writing, the membership is still open to public.
The minimum investment for individual is RM500 and the maximum is RM10,000 as of 4th January 2010. For cooperative the maximum is RM50,000.00
During registration, you will be charged RM47.50 fee. The details are
- Takaful contribution – RM25.00
- Processing Fee – RM20.00
- Membership Card – RM2.50
However, please bear in mind that the investment money are not allowed to be withdrawed for a year.