Search
Back
About Us  
Contact Us  
Forward30  
Leadership  
Group Structure  
Our Rich Heritage  
Corporate Data  
Regulatory Information  
Our Journey  
Our Roadmap  
Our Priorities  
Our Publications, News and Events  
Our Latest Sustainability Report  
For Individuals  
For Businesses  
Overview  
Company Announcements  
Annual Reports  
Credit Ratings  
Capital and Debt Instruments  
Dividends  
Shareholding Information  
Other Information  
Annual General Meeting 2025  
Working at CIMB  
The CIMB Way  
Students  
Fresh Graduate  
Experienced Professionals  
CIMB Alumni Network  

01 July 2015

 

Kuala Lumpur: CIMB Group Holdings Berhad and PT CIMB Niaga TBK today announced that they have completed their Mutual Separation Scheme (MSS) exercise and a total of 3,599 applications (1,891 from Malaysia and 1,708 from Indonesia) were approved, representing rationalisation of 11.1 percent of the total workforce in Malaysia and Indonesia.

 

While the Group will incur approximately RM 443.3 million in MSS cost, the resultant savings from the headcount reduction is estimated to be RM 291.6 million per annum, which translates to an 18.2 months payback.

 

"The MSS was introduced as part of our continued efforts to enhance efficiency and productivity within the Group. With the completion of the MSS, we are on track to meet the targets set in our cost-to-income plans outlined in our T18 strategy," said Tengku Dato' Zafrul Tengku Abdul Aziz, Group Chief Executive, CIMB Group.

 

"The MSS exercise has also benefited successful applicants and I would like to thank them for all their contributions and wish them all the best in their future endeavours," added Tengku Zafrul.