CBP invites 12,000 cooperatives to become members

KUALA LUMPUR: About 12,000 co- operatives in Malaysia are invited to register as members of Co-opbank Persatuan Malaysia Bhd (CBP) and immediately derive advantages from their membership.

CBP chief operating officer Mohd Dzarfan Khalid said out of the total, only 8,000 cooperatives were active.

“As a member of CBP, the cooperatives and their members will qualify for, among others, higher returns on deposits, death benefits and membership loyalty bonus.

“They will also enjoy priority access if they want to obtain loans from CBP,” he told Bernama recently.

By end-2016, a total of 74,854 individuals and 531 cooperatives were registered as CBP members, he said, adding that total investments, as of early September, totalled RM380 million.

Mohd Dzarfan said CBP aimed to attract 10 per cent of the 12,000 cooperatives in the country to sign up as members and increase that number to 20 per cent by 2020.

“CBP is aggressively undertaking joint roadshows with the Cooperative Commission of Malaysia and Angkatan Koperasi Kebangsaan Malaysia Bhd as studies showed a handful of cooperatives were still unaware of CBP’s existence.

“Membership is very crucial to CBP as it will increase the capital share to help expand our business to grow,” he added.

Mohd Dzarfan said CBP’s target this year was to declare a higher dividend of six per cent versus 5.5 per cent paid last year. — Bernama