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Bank Rakyat Opens 123th Branch In Shah Alam

SHAH ALAM, Feb 4 (Bernama) -- Bank Kerjasama Rakyat Malaysia Bhd officially opened its 123th branch at Seksyen 23, Shah Alam, on Thursday and aims to register about 200 new depositors and 150 new loan accounts per month.

The cooperative bank invested RM700,000 to set up the latest branch which is also its second in this Selangor capital city after the one in Seksyen 9.

Seksyen 23 Branch Manager Nazirah Mat Nayan said Bank Rakyat expected the demand for its core product in the personal financing segment to remain strong this year.

"The target is achieveable given the strong brand name of Bank Rakyat and large population of Shah Alam city," she told reporters after the ceremony today.

The bank's Head of Region Selangor Office Zainuddin Yaacob said Bank Rakyat would further enhance its marketing strategy and come out with new promotion activities to cater to its growing customer base.

He said the bank wanted to strengthen its market share and become the number one Islamic financial institution in Malaysia.

"We look forward to offering innovative financial products and enhancing the quality of our services in Selangor," he said, adding that priority would be given to the personal financing segment.

He said Bank Rakyat hoped to increase the revenue of its personal loan accounts in Selangor. This segment contributed 70 per cent to the bank's total revenue in the state.

Zainuddin said the bank also planned to open a new branch in Tanjung Karang after Chinese New Year to extend its reach into new growth areas and to better serve its consumers.

Bank Rakyat posted RM1.234 billion in profit before tax and zakat for the financial year ended Dec 31, 2008, a milestone for the bank, having crossed the RM1 billion mark for the first time in its history.

The country's largest cooperative bank was reported to be projecting a pre-tax profit of RM1.3 billion for 2009. The results would be announced soon.



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Source: Bank Negara Malaysia

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