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.