CIMB Group & PT CIMB offering MSS

The group has 41,000 employees in 17 countries.

The group has 41,000 employees in 17 countries.

Syndicated News
Written by Syndicated News

KUALA LUMPUR — May 15, 2015: CIMB Group Holdings and PT CIMB Niaga Tbk are offering employees in Malaysia and Indonesia a voluntary mutual separation scheme (MSS).

CIMB said the scheme is being put in place after looking at the operating cost structure and desired efficiency levels across the franchise. The group has over 41,000 employees in 17 countries.

“This is consistent with return on equity and the cost-to-income plans we have outlined for the future,” said CIMB Group chief executive Tengku Datuk Zafrul Aziz Tengku Aziz in a statement.

He said the scheme is also a response to its employees who have enquired about it.

The MSS exercise has received the backing of the board of commissioners and board of directors of CIMB Niaga to the extent hat both boards have decided to offer it to the staff in Indonesia as it is consistent with the operating strategies of CIMB Niaga.

“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.

The bank stressed that the MSS is offered strictly on a voluntary basis and all applications are expected to be submitted by this May 29.

Employees who have successfully applied for the MSS would receive packages 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.

CIMB Group operates its business through three main brand entities — CIMB Bank, CIMB Investment Bank and CIMB Islamic. The group is also the 97.9 per cent shareholder of Bank CIMB Niaga and 93.7 per cent shareholder of CIMB Thai.

It is listed on Bursa Malaysia via CIMB Group Holdings and has a market capitalisation of approximately RM52.4 billion as at last March 31. –Bernama



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