Cooperative Commission Aims To Create 4 Cooperative Banks By 2020 BUTTERWORTH, June 14 (Bernama) -- The Cooperative Commission of Malaysia (CCM) targets to create four cooperative banks by 2020 compared with one currently namely Bank Rakyat. Its executive chairman Datuk Nik Ali Mat Yunus said at present the process of establishing the second cooperative is ongoing, and Bank Persatuan Malaysia Bhd had received the approval from CCM. CCM is confident of creating four cooperative banks and we have also established a cooperative bank supervisory special unit to undertake risk-based monitoring on cooperatives that carry out banking services under Section 64, Cooperative Societies Act 1993. With the special unit comprising officers from CCM and Bank Negara Malaysia with expertise in evaluating the financial performance of the cooperatives, it would be able to improve supervision on the cooperative banks, he said in his speech at the annual meeting of representatives of Bank Persatuan Malaysia Bhds cooperative here Saturday. He said the public had taken notice of the ability of cooperatives as some of them were able to pay dividend of up to 15 per cent to members. Nik Ali said the management of cooperatives by professionals had succeeded in restoring the publics confidence in investing in cooperatives. Meanwhile, he said the cooperatives were able to improve the standard of living of its members as the movement also played a role in eradicating poverty and wealth distribution. The cooperative movement now also carries the responsibility in the countrys transformation agenda, hence it can no longer operate in a conventional manner but must be more creative and innovative to compete in a competitive business world, he said. Up to this year, the number of cooperative members in the country reached 7.6 million, which is close to 25 per cent of the total population. -- BERNAMA
Posted on: Sun, 15 Jun 2014 05:06:18 +0000