KUALA LUMPUR, March 30 (Reuters) - Malaysian financial services group CIMB has asked its 36,000 employees to consider taking up to six months of unpaid leave as it aims to cut costs in the global economic slowdown, a top official said on Monday.
CIMB is the first major Malaysian company to ask staff to go on unpaid leave.
CIMB Group Chief Executive Nazir Razak said the offer was made last week to its staff in the country's second-largest lender, CIMB Bank (BUCM.KL: Quote, Profile, Research), as well as its units BankThai BT.BK in Thailand and PT Bank CIMB Niaga (BNGA.JK: Quote, Profile, Research) in Indonesia.
"In the slower economic environment, we are looking at ways to temporarily reduce our costs. The reception from our staff has been very, very good," Nazir told reporters at a company event.
He said workers who take up the group's offer will start their leave from April 1, but this will not affect the bank's operations.
Nazir said there was no set target on the number of employees accepting the offer and denied the company was cutting staff.
"How can (this) possibly be called a lay-off? We are not instructing anyone to do anything. We are just giving them an option to apply if they wish to take an extended break. Don't interpret it any other way," he said. (Reporting by Julie Goh; Writing by Loh Li Lian; Editing by Anshuman Daga)
Apa sebenarnya dah jadi ni. Bukan kah mat monggol sudah cakap … NO ECONOMIC CRISIS IN MALAYSIA… OUR FUNDAMENTAL IS STRONG….. kah kah kah (pinjam kata kata hikmat brader TT)
Kenali lebih dekat adik si Najib monggol. Masuk sini.
Dato' Sri Nazir Razak
Group Chief Executive
Dato' Sri Nazir Razak, a Malaysian, aged 41, is presently the Group Managing Director/Chief Executive Officer of BCHB and CIMB Group and is also a Director and Deputy Chairman of CIMB Investment Bank, CIMB Bank and CIMB Islamic.Dato' Sri Nazir Razak graduated from University of Bristol with a Bachelor of Science (Hons) degree and obtained a Master of Philosophy from the University of Cambridge. He joined Commerce International Merchant Bankers Berhad’s (“Commerce International“) (now known as CIMB Investment Bank) corporate advisory department in 1989 and managed various fund raising, privatisation, listing and corporate restructuring exercises. In 1993 he transferred to CIMB Securities Sdn Bhd (now known as CIMBS Sdn Bhd) where he rose to Executive Director with responsibility for institutional equities. He moved back to Commerce International as Deputy Chief Executive on 1 June 1996 and became Chief Executive on 1 June 1999. In July 2005 he became Chairman of the EXCO, managing both Commerce International and Bumiputra-Commerce Bank following the announcement of the merger of the two banks. He assumed the position of BCHB Group Managing Director/Chief Executive Officer on 7 November 2006.Dato' Sri Nazir Razak is a member of the Investment Panel of the Employees Provident Fund, the Securities Commission’s Capital Market Advisory Council and the Asia Business Council as well as a director of the Multimedia Development Corporation and the Kuala Lumpur Business Club. He is also a member of the Malaysia International Islamic Financial Centre (“MIFC”) Executive Committee set up by Bank Negara Malaysia. He was Chairman of the Industry Action Committee to set up MESDAQ, the stock exchange for high growth companies and a member of the Advisory Panel for Bank Negara Malaysia’s Financial Services Master Plan. He is also the President of University of Bristol Alumni Association and a trustee of both the Rahah Foundation and the Pride Foundation.Dato' Sri Nazir Razak was the winner of Malaysia’s CEO of the Year Award 2004 organised by Business Times and American Express Global Corporate Services. In 2005, he was named one of the “25 Stars of Asia” by BusinessWeek magazine and one of the World Economic Forum’s Young Global Leaders. In 2006 and 2007, Asiamoney listed him among the top 100 most powerful and influential people in business and finance in the Asia-Pacific region. In 2006, Dato' Sri Nazir Razak was named one of Asia’s 50 most influential figures of the last decade (1996-2006) by Finance Asia magazine. In Asiamoney’s 2006 poll amongst analysts and fund managers, Dato' Sri Nazir Razak was named Malaysia’s best executive.