CIMB BANK Bhd will proceed with plans to close about 60 branches as part of its rationalisation plan but it will not involve any retrenchment, said chief executive Datuk Seri Nazir Razak.
The bank was embarking on its third phase rationalisation plan, which was consistent with what it had planned since merging with Southern Bank in 2006, he said.
Employees at the affected branches would be redeployed, he added.
"We had 400 branches when we merged. Our first phase was to reduce our branch network to 385 while the second phase was to reduce it further to 365", Nazir said, adding that the third phase would see the number of branches cut to the "optimal size" of 320.
At the same time, CIMB will continue to open new branches but with the aim of having the optimal size of 320 branches.
CIMB opened two new branches in Sabah this week. One in 1Borneo hypermall on the left-hand side of the main entrance and the other one ... erm ... i'm not sure.
CIMB currently has over 360 branches nationwide and is the second largest bank in Malaysia by market value. The largest bank in Malaysia by market value is Public Bank which is one of the only two remaining fully Chinese-controlled banks along with Hong Leong Bank while Maybank is only the third largest bank by market value despite having the most branch and ATM in Malaysia.
The bank was embarking on its third phase rationalisation plan, which was consistent with what it had planned since merging with Southern Bank in 2006, he said.
Employees at the affected branches would be redeployed, he added.
"We had 400 branches when we merged. Our first phase was to reduce our branch network to 385 while the second phase was to reduce it further to 365", Nazir said, adding that the third phase would see the number of branches cut to the "optimal size" of 320.
At the same time, CIMB will continue to open new branches but with the aim of having the optimal size of 320 branches.
CIMB opened two new branches in Sabah this week. One in 1Borneo hypermall on the left-hand side of the main entrance and the other one ... erm ... i'm not sure.
CIMB currently has over 360 branches nationwide and is the second largest bank in Malaysia by market value. The largest bank in Malaysia by market value is Public Bank which is one of the only two remaining fully Chinese-controlled banks along with Hong Leong Bank while Maybank is only the third largest bank by market value despite having the most branch and ATM in Malaysia.
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