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| Tuesday April 13, 5:22 PM
Singapore's OCBC Seeks To Move Some Ops, Jobs To Malaysia SINGAPORE (Dow Jones)--Singapore's Oversea-Chinese Banking Corp. (O04.SG) plans to move some operations and jobs to neighboring Malaysia in a bid to cut business costs. Singapore's No. 3 lender by assets hopes moving operations - such as processing - to Kuala Lumpur will help "drive down unit costs" through labor and premise cost savings, a bank spokesman told Dow Jones Newswires. "The twin hubs (in key markets Singapore and Malaysia) can also back each other up," he said. In February, OCBC said its 2003 cost-to-income ratio rose 0.8 percentage points to 39%, compared to rival United Overseas Bank Ltd.'s (U11.SG) 34.7% and DBS Group Holdings Ltd.'s (D05.SG) 43.9%. OCBC's plans come as Singapore's jobless rate hovered at a high 4.5% for the quarter ended Dec. 31. That figure was around 2% before the 1997-1998 Asian financial crisis. While the bank's plans may result in some job losses in Singapore, OCBC will focus on redeploying affected staff instead of laying them off, said the bank spokesman, without elaborating. He added that OCBC's plans remain "very preliminary as we are still exploring the viability of the plan." "We still have to get regulatory approval and approval from our board of directors," he said. The plan could take one to two years to implement once it is approved, he said. |
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