CIMB group reduces network

KUALA LUMPUR: CIMB Bank and CIMB Islamic announced yesterday that the group has closed 21 banking branches across Malaysia, reducing its network to 362 branches.

“Affected customers have been informed of the rationalisation exercise,” the bank said in a statement.

CIMB said the affected customers’ accounts would be transferred to the nearest branch and the account number changed. However, they can continue to use their current ATM cards and cheque books.

“We are right-sizing our branch network by merging, closing or relocating branches which are close to each other or within the same business area,” CIMB Bank head of customer sales and distribution Sulaiman Mohd Tahir said.

He added that in addition to promoting efficiency and reducing costs, the move would allow the bank to set up branches in under-served areas.

The exercise also marks the second phase of CIMB Bank’s plan to optimise its distribution network after acquiring Southern Bank Bhd in March 2006.