Agrobank opens first corporate financing centre in Kuching
KUCHING: Agrobank opens its first corporate financing centre in this city, signifying a devolution of power from the bank’s headquarters in Kuala Lumpur to Sarawak.
Officiating at its official opening yesterday, Deputy Chief Minister Datuk Amar Douglas Uggah Embas said this showed Agrobank was sensitive to the need of improving its service delivery to the people in Sarawak.
“I’m very happy that Agrobank has implemented the devolution of power to Sarawak. Thank you very much. This is in line with the programme now pursued by the state government and federal government,” said Uggah, who is also Minister of Modernisation of Agriculture, Native Land and Regional Development
“Agrobank, since its inception as Bank Pertanian, has helped a lot of agriculture entrepreneurs in Sarawak. Please continue to help Sarawak,” he added.
Agrobank chairman Tan Sri Mohamad Zabidi Zainal, who spoke earlier, said the opening of the corporate financing centre represented delegation of power to Sarawak, in that it would cut down processing time on applications from the state.
“Previously, matters concerning funding would be processed by Agrobank headquarters in Kuala Lumpur. With this corporate finance centre, it is easier for local customers to get information, as well as facilitate and expedite the submission of corporate financing applications for agriculturalbased businesses.
“This new facility is to cater to the needs of our key corporate clients and government agencies for agriculture-related businesses and also to complement efforts in developing the state’s agriculture sector,” he said.
Zabidi also acknowledged Agrobank’s good record in Sarawak – in terms of financing, the bank approved a total RM984 million last year and up to RM1.007 billion was approved between Jan 1 and June 30 this year, of which RM400 million was for corporate financing.
“We see a huge potential in Sarawak and we see more economic development once the Pan-Borneo Highway is completed; there will be growing needs for financing. We took a step forward by setting up this corporate financing centre, so that Agrobank can continue to finance the agriculture sector, which is an important sector in Malaysia.”
Zabidi also said Agrobank would continue to play its role in serving the people especially those in the rural and interior areas, as he disclosed that 71 per cent of its 186 branches in Malaysia are in the rural areas. In Sarawak, there are 13 branches and two Agrobank kiosks – many of which are also in rural areas.
“This is one of our efforts in line with the aspirations of TN50 ( National Transformation 2050),” he said.
Yesterday’s event also saw the presentation of Agrobank’s offer letters of financing worth RM86.795 million to 12 recipients from Sarawak.
Among those present at the event were Assistant Minister of Native Land Development Datuk Roland Sagah Wee Inn, Assistant Minister of Agriculture Dr Abdul Rahman Ismail and Regional Corridor Development Authority ( Recoda) chief executive officer Tan Sri Datuk Amar Wilson Baya Dandot.