Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Oct 20): Hong Leong Bank Bhd and Hong Leong Islamic Bank Bhd are implementing a mutual separation scheme (MSS) to strengthen operational efficiency.

Hong Leong Bank group managing director and chief executive officer Tan Kong Khoon said the MSS was a move to strengthen the organisation by enhancing productivity and efficiency amid an increasingly competitive environment.

"We have to continually review our business and adapt to maintain our competitiveness," said Tan.

According to him, the MSS, which is offered to permanent staff at all levels, functions and locations on a voluntary basis, would create an opportunity for both the bank and employees to gain mutual benefits.

He said final approval for the MSS applications would be based strictly on Hong Leong Bank and Hong Leong Islamic's business and operational requirements.

Tan said Hong Leong Bank and Hong Leong Islamic had informed the authorities and staff unions about the MSS.

At 12.30pm, Hong Leong Bank shares fell six sen or 0.4% to settle at RM14.24 for a market value of RM25.62 billion. Hong Leong Financial Group Bhd owns 64.37% in Hong Leong Bank

Hong Leong Bank and Hong Leong Islamic's MSS follows a similar exercise by CIMB Group Holdings Bhd and PT CIMB Niaga TBK in July this year.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

 

      Print
      Text Size
      Share