Bank launches voluntary mutual separation scheme

KUALA LUMPUR: AMMB Holdings Bhd (AmBank Group) is reported to have launched a voluntary mutual separation scheme (MSS) for employees who wish to pursue other career opportunities.

The Edge Financial Daily reported that eligible employees can apply for the scheme over a two-week period ending Jan 19. This includes staff from AmBank Bhd, AmInvestment Bank Bhd and AmBank Islamic Bhd.

A spokesman told the daily that the MMS would allow the group to further optimise its organisational structure, although AmBank did not reveal how many jobs it intends to shed under the scheme.

“Clearly, the timing is now right for the AmBank Group to undertake the MSS, which is offered purely on a voluntary basis and provides eligible employees the opportunity to pursue their career goals beyond the bank,” the spokesman said.

AmBank Group is the sixth largest banking group by assets in Malaysia, with a market capitalisation of around RM15 billion and assets of RM134.8 billion as at March 31, 2017.

It has over three million customers and employs some 11,000 people.

In July last year, AmBank Group CEO Sulaiman Mohd Tahir said a job rationalisation exercise was on the cards although this did not necessarily mean job cuts.

Speaking amid talks on a proposed merger with RHB Bank Bhd, he said the group was always looking at opportunities to revisit its processes.