HLISB OFFERS VSS

KUALA LUMPUR, 22 November 2011 - Hong Leong Islamic Bank ("HLISB") new Chief Executive Officer, Raja Teh Maimunah, shared that with the completion of the merger with EONCAP Islamic on 1 November 2011, the Voluntary Separation Scheme ("VSS") will be extended to HLISB employees as well. Like in any merger, there will be streamlining of operations, support services, infrastructure for synergies of productivity and efficiency.

Joined by Banking Group CEO and Managing Director, Yvonne Chia, she further elaborated and stressed that the VSS is purely on a voluntary basis.

"The financial landscape is changing rapidly as companies strengthen their capabilities and efficiencies to compete. Hong Leong Bank is not spared by these changes and we expect the level of competition will be more challenging in the near future. The scheme will also provide an opportunity for employees who have expressed their desire to opt out early for various reasons such as to further studies, pursue other business or personal ventures. It provides an opportunity for both the employees as well as the Bank for mutual benefit" said Yvonne Chia, Group Managing Director and CEO of Hong Leong Bank.

Chia also reiterated that HLB Group have not sought specific BNM and Jabatan Tenaga Kerja approval for the VSS. Obviously we will have to comply with the Labour Law and notify the authorities as due process. The key is for us to be transparent and objective in the process.

Prior to this, a letter had been officially issued to NUBE by Hong Leong Bank's Human Resources Division on 14 November 2011, informing them of HLISB proposed VSS plan.

"There was a genuine error in the letter to NUBE stating that Bank Negara and Jabatan Tenaga Kerja approval were being sought. We wish to clarify that as a matter of course, we have informed all relevant authorities including Bank Negara Malaysia and Jabatan Tenaga Kerja on the VSS. HLISB VSS is the second phase of the exercise." added Chia.

The Bank wishes to inform with the launch of the VSS to Hong Leong Bank Group employees, the response so far has been very encouraging with employees applications from all levels.

-END-Press Release - 22/11/2011