CIMB S'pore retrenches employees, Orchard Road branch closes

Going digital, the bank says.

Belmont Lay | March 26, 2021, 11:48 AM

CIMB Singapore is shutting its Orchard Road branch and laying off employees.

A notice outside the Orchard branch said it will cease operations from June 30.

The bank has another branch at Raffles Place.

No mention was made about whether this branch will stay or close.

CIMB is headquartered in Kuala Lumpur, Malaysia.

Going digital

In a statement, a CIMB spokesperson said it is going digital: "Given our digital transformation efforts and our customers’ shift towards online channels, we have carefully reviewed our resources. This will enable us to weather the challenging and fast-evolving environment to ultimately, deliver value to all our stakeholders."

The bank also said Singapore is "a core and important market" and it will continue to invest in its key growth areas.

Retrenchment package negotiated

Affected employees will receive a fair compensation package negotiated for them, the Banking and Financial Services Union and Singapore Bank Employees’ Union said in a joint statement on March 25.

Both unions said they are working closely with CIMB.

“The unions’ key priority is to assist our members; help them find jobs; and ensure that they are treated fairly and with dignity during the exercise,” they said.