Tuan Syed Alwi Mohamed Sultan, President / Chief Executive Officer Agrobank


KUALA LUMPUR, May 16 (Bernama) -- Agrobank today announced the latest financing rate with a reduction of the base rate (BR) to 3.6% and base financing rate (BFR) to 6.75%. The decision was made after the recent announcement from Bank Negara Malaysia (BNM) on Overnight Policy Rate (OPR) corresponding 25-basis points reduction from 3.25% to 3%.
 
According to Syed Alwi Mohamed Sultan, President / Chief Executive Officer of Agrobank, the Bank’s BR and BFR have been reduced by 25-basis points effective 16 May 2019. In addition, deposit rates are also adjusted downwards by 20-basis points for 12-month tenure and below and 15-basis points for tenure over the 12-month period, which are effective on the same date.
 
“As a Development Financial Institution (DFI) with a primary focus on agriculture sector, the rate in financing is expected to benefit agropreneurs to develop and grow their business while at the same time the revised profit rate for depositors is also taken care of.
 
“Agrobank believe that the revised rate will benefit the agropreneur and also help boost the growth of the Bank's financing. Agrobank aims to grow its financing value to RM1.2 billion for the year 2019,” added Syed Alwi.

About Agrobank
Agrobank is a leader in agriculture financing and values-based banking based (VBI)* in Malaysia. Established in 1969, Agrobank is actively involved in charting the growth and development of Malaysia’s agriculture industry by offering shariah compliant products and solutions across various customer segments including corporate, commercial, consumer, trade finance and micro financing customers. Agrobank is a full-fledged Islamic bank since 1^st July 2015.

As a market driven, customer-centric DFI (Development Financial Institution) with a primary focus on strengthening the agriculture sector in Malaysia, Agrobank strikes an equal balance to its developmental and commercial roles to benefit the agriculture sector. Agrobank provides a comprehensive repertoire of financing solutions for the agriculture community; that includes upstream activities related to primary food and commodities-based agriculture activities to downstream activities such as processing, marketing and distribution of agricultural products.

Agrobank also offers retail banking financing solutions to improve the well-being of the agriculture community. This is done through its network of 192 customer touch points including 138 branches, 1 agro banking, 1 virtual banking, 10 commercial financing centre, 34 kiosk, 8 agro corners & agro point.

In 2019, Agrobank celebrates its golden jubilee Anniversary, as it marks 50 years of its proud establishment developing the agro industry.
 
www.agrobank.com.my

* VBI or value-based intermediation is an initiative by Bank Negara Malaysia (BNM) which aims to improve the products and services offered by Islamic financial institutions towards a better facilitation of entrepreneurship, community well-being, sustainable environment and economic growth, without compromising on shareholders’ returns

Issued by Strategic Communications Department, Agrobank

Source: Agrobank

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Ainul Rofidza Ibrahim
Tel: 03-2731 1600 (ext 2624) / 019-2258210
Email: ainul.ibrahim@agrobank.com.my

Name: Syarifah Syameen Syed Johari
Tel: 03-2731 1600 (ext 1652) / 012-3101766
Email: syameen@agrobank.com.my

--BERNAMA