Malaysia's CIMB books $159m charge from voluntary redundancy scheme

Malaysia's CIMB books $159m charge from voluntary redundancy scheme
PHOTO: The Business Times

KUALA LUMPUR - CIMB Group Holdings Bhd , Malaysia's second-largest lender by assets, said on Wednesday it will book 443.3 million ringgit (S$159 million) in costs from a voluntary redundancy program in Malaysia and Indonesia.

CIMB, which employs 40,000 people, has been implementing cost-cutting measures to improve efficiency after a period of rapid expansion over the past few years.

The bank, Southeast Asia's fifth-largest by assets, said in a statement that 3,599 people, or 11 percent of its total workforce in Malaysia and Indonesia, opted for redundancy packages. "The resultant savings from the headcount reduction is estimated to be 291.6 million ringgit per annum," CIMB said.

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