Berhad On 4 June 1965, "Kongres Ekonomi Bumiputra" (Bumiputra Economic Congress), sponsored by the Ministry of National and Rural Development, was held in Kuala Lumpur for 3 days to generate an interest among Malays and other local indigenous groups to participate in commerce and industry. Seven working committees were formed to achieve these objectives. Tun Abdul Razak, the then deputy prime minister of Malaysia, announced that the Government had agreed to form a local Bank ("Bank Bumiputra") as recommended by the Economic Congress based on a majority of the 69 resolutions passed in the meeting. The Bank, with its initial capital to be provided by the Malaysian Government, would be established. The bank's ownership would ultimately be sold to the public through shares. On 15 July 1965, Abdul Razak announced the Government's decision to provide $5 million as the initial capital for Bank Bumiputra. He stated that the bank's main function was to assist rural businessmen in the form of loans. Bank Bumiputra Malaysia Berhad was formally launched by Tun Abdul Razak on 1 October 1965 with authorised capital of $25 million, instead of the $5 million announced earlier. The senior management was headed by Mohd Raslan bin Dato' Abdullah as managing director and Tengku Razaleigh as executive director. The other board members include S.O.K. Ubaidulla (president of the United Chamber of Commerce), L.E Osman, K. Mushir Ariff, Wan Yahya bin Haji Mohamad, K.D. Eu and Kuok Hock Nien. The general manager of the bank was Wong Aun Pui, a prominent local banker with 20 years of experience and director of many rubber and palm oil companies. In 1999, Bank Bumiputra was merged into Bumiputra-Commerce Holdings (which is the listed vehicle for CIMB Group). Perbadanan Nasional Berhad (PERNAS) PERNAS (Perbadanan Nasional Berhad or National Corporation) was set up in November 1969 as a wholly owned government company to carry out the resolutions at the Second Bumiputera Economic Congress. Among the major shareholders were the Ministry of Finance, Bank Negara Malaysia (The Central Bank of Malaysia) and Bank Bumiputera Malaysia Berhad. Pernas was put under a solid footing under the chairmanship of Razaleigh (1970–1974). In view of the very low participation of Bumiputeras in the private sector and industries at the time, PERNAS' principles were to: enter undertakings which would bring high economic returns, enter into joint ventures where PERNAS was to be the majority shareholder with controlling interest over operations,