Bank Persatuan was originally established and officially registered
as a cooperative company on 7 June 1950, under the Cooperative Company
Ordinance (1948) which is currently known as the Cooperative Act (1993).
Its creation is the result of the merging of over 21 Village Cooperative Companies (
Malay: Syarikat Kerjasama Kampung) in
Bukit Mertajam,
Penang. During its early establishment the newly created cooperative is known as "The
Province Wellesley Cooperative
Banking Union Limited".
In 1971, the cooperative opened its membership to both individuals and cooperatives. By 1981 its changed its name to
Bank Persatuan Kerjasama Seberang Perai Berhad and only in 1995, Bank Persatuan adopted its current name when it is changed to
"Koperasi Bank Persatuan Malaysia Berhad" or can simply be called Bank Persatuan.