PRESS STATEMENT
HONG LEONG BANK ANNOUNCES
VOLUNTARY SEPARATION SCHEME
Bank acts on employee feedback post-merger, as an option to opt out
KUALA LUMPUR, 2 November 2011 - Hong Leong Bank today announced that it has offered
employees a Voluntary Separation Scheme (VSS) as part of its consolidation exercise towards
growing its newly enlarged entity. The scheme, which is open to all permanent employees of Hong
Leong Bank and MIMB, is offered strictly on a voluntary basis.
Hong Leong Bank Managing Director, Yvonne Chia said the exercise is to consolidate its position as
a fully integrated financial group as the banking industry landscape has evolved and the level of
competition is becoming more challenging and intense.
She said this scheme has therefore been introduced as part of Hong Leong Bank 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 of work environment, start-up business,
early retirement and pursue personal interest, which is mutual for the Bank and the employees.
The scheme offers a financial package computed based on factors including the length of service or
months to retirement, basic salary and staff categories. The VSS payment formula is based on a VSS
multiplicand that ranges from 1.4 (for executives) to 1.6 (for non-executives) multiplied by the length
of service (capped at a maximum of 22 years) multiplied by the basic salary or 50% of total monthly
salary until retirement, whichever is lower.
In addition, the Bank is also offering medical relief of up to RM1,000 reimbursable for a period of 6-
months from the date of separation, continuation of housing and motor vehicle loans at staff
preferential rates for a period of 12 months from the date of separation.
Final approval of VSS applications at Hong Leong Bank will strictly be based on business and
operational requirements.
The VSS exercise will be administered by the Bank’s Group Human Resources Division (“GHRD”).
The division will also assist to coordinate outplacement and alternative career opportunities for
successful VSS applicants. Applications for VSS must reach the Bank’s GHRD by 5:00p.m on 21
November 2011 and applicants will be notified by 28 November 2011.
Relevant authorities, including the employee unions have been informed on this exercise.
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About Hong Leong Bank Berhad
Hong Leong Bank Berhad is one of the leading financial services organisations in Malaysia. With a heritage of more than 100 years, it
provides comprehensive services in personal financial services, business banking and trade finance, treasury, branch and transaction
banking, wealth management, investment banking, private banking and Islamic financial services. It has recently acquired EON Bank
Group and the merger sees the creation of a core domestic franchise with an expanded distribution network of more than 300 branches for
customers across the country.
With a proven track record in value creation and a highly recognised brand, Hong Leong Bank has also been extending its footprint in the
region, with branches in Singapore and Hong Kong and a wholly owned subsidiary in Vietnam. In China, the Bank has a 20% shareholding
in Bank of Chengdu Co., Ltd., Sichuan and a consumer finance joint venture.
Hong Leong Bank is a subsidiary of Hong Leong Financial Group Berhad, the financial services arm of the Hong Leong Group. Apart from
banking, Hong Leong Financial Group is involved in the provision of insurance and takaful, as well as investment banking, unit trust, fund
management and stock broking services.
For more information on Hong Leong Bank, please visit our branches, call Hong Leong Call Centre at 1-800-38-8888 during normal
working hours or log on to Hong Leong Online at www.hlb.com.my.
For merger-related enquiries, please call our hotline at +603 2164 2280 or e-mail us at imohelpdesk@hlbb.hongleong.com.my or fax us at
+603 2162 6789
For media enquiries, please contact Hong Leong Bank Berhad:
Norlina Yunus Maple Chan Yun Feng
Tel : 03-2694.1188 ext. 2932 or 012-2678980 Tel : 03-2164 2828 ext 8534 or 017-6442295
Email norlina.yunus@hlbb.hongleong.com.my Email : chan.yunfeng@hlbb.hongleong.com.my