Malaysia’s CIMB to close 60 branches-report

KUALA LUMPUR, April 6 (Reuters) – Malaysia’s second largest lender CIMB Bank (BUCM.KL) will close nearly 60 surplus branches this year to save up to 60 million ringgit ($16.77 million) annually, local daily The Malaysian Reserve reported on Monday.

The bank has identified the 60 banks to be closed in August, the report quoted its head of consumer sales and distribution, Sulaiman Mohd Tahir as saying.

“CIMB can save in the region of 50 million to 60 million ringgit from the closing of the branches from next year onwards. And when we close the branches, we will redeploy the people.

“The group may also see the possibility of new revenue to be generated by redeploying people to other areas which has value creation in terms of new business,” he said.

The network rationalisation was prompted by the merger between CIMB and Southern Bank in 2006.

($1=3.577 Malaysian Ringgit)

(Reporting by Julie Goh; Editing by Liau Y-Sing)


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