CIMB Group Holdings Berhad, Malaysia’s second biggest lender, is trimming its staff to enhance its efficiency. The mutual separation scheme is now offered on a voluntary basis. – Reuters pic, May 15, 2015.
CIMB Group Holdings Berhad, Malaysia’s second biggest lender, has offered its staff a mutual separation scheme (MSS) in a move to enhance the group's “efficiency levels”.
CIMB Group said that the MSS was offered on a voluntary basis and that they expect staff to submit applications by May 29.
It said the decision was made after looking at operating cost structures and “desired efficiency levels” across the franchise.
“Some of our employees from Malaysia and Indonesia have also enquired about these types of schemes, so this MSS is also a response to them.”
CIMB Group said its Indonesian counterpart, PT CIMB Niaga Tbk, has offered a similar scheme to its staff that was "consistent with the operating strategies" of the company.
"This exercise in Indonesia is also timely given no such programme had been offered to staff since the Bank Niaga and Lippo Bank merger seven years ago," said Zafrul.
Employees who were successful in their application will receive a package based on rank and years of service, as well as options for extended medical cover for three years, and participation in re-skilling and outplacement programmes, said CIMB Group.
CIMB Group is Malaysia’s second biggest financial services provider and one of Asean’s leading universal banking groups.
CIMB Group is listed on Bursa Malaysia through CIMB Group Holdings Berhad. It had a market capitalisation of approximately RM46.8 billion as at 31 December 2014. The group has over 40,000 employees located in 18 countries.
- TMI
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