Hong Leong Bank offers VSS

KUALA LUMPUR: Hong Leong Bank Bhd (HLBB) has launched a voluntary separation scheme (VSS) for its employees, some five months after its merger with EON Capital Bhd (EONCap).

The merger, completed on May 6, boosted its employee count to over 11,000 from about 6,000 before.

"The scheme, which is open to all permanent employees of Hong Leong Bank and MIMB (Investment Bank), is offered strictly on a voluntary basis," it said in a press statement yesterday.

MIMB was EONCap's investment banking arm. The merger propelled Hong Leong Bank to become the country's fourth largest banking group from sixth place before, with over 300 branches.

Managing director Yvonne Chia said the VSS was part of a consolidation exercise towards growing the newly-enlarged entity amid an evolving and more competitive banking landscape.

"This scheme has therefore been introduced as part of efforts to continue to enhance productivity and efficiency within the bank and also to honour the wishes of employees who have expressed their desire to further studies, change work environment, start up business, opt for early retirement and pursue personal interest, which is mutual for the bank and the employees," she added.

Read more: Hong Leong Bank offers VSS http://www.btimes.com.my/Current_News/BTIMES/articles/vsshl/Article/#ixzz1dIdRtRiQ