KB Bank Issues Right of Reply on Report of Hundreds of Layoffs

PT Bank KB Indonesia Tbk (KB Bank) has issued a right of reply to CNBC Indonesia regarding the report ‘KB Bank PHK Ratusan Karyawan, OJK Buka Suara’ (KB Bank Lays Off Hundreds of Employees, OJK Speaks Out). The following is its statement: PT Bank KB Indonesia Tbk (KB Bank) is currently undertaking a continuous transformation as part of the Company’s strategy to build a stronger, more adaptive, and sustainable organisation, while enhancing its capability to provide the best service to customers. This step is part of the Company’s long-term strategy to improve operational effectiveness, strengthen digital capabilities, increase network productivity, and support sustainable business growth and profitability. As part of this transformation, the Company is carrying out a planned and gradual workforce optimisation, referring to the provisions of applicable laws and regulations as well as the principles of prudence and good corporate governance. Prior to the implementation, the Company had coordinated with regulators and submitted reports to the Manpower Office in accordance with applicable provisions. KB Bank ensures that operational activities and services to customers continue to run normally. In line with the ongoing transformation, the Company continues to strengthen digital capabilities and increase network productivity to provide optimal services to customers through a combination of office networks and digital channels. Indonesia remains a strategic market for KB Bank. With the full support of KB Financial Group, the Company is committed to continuing its transformation agenda, strengthening business fundamentals, and creating long-term value for shareholders, customers, employees, and all stakeholders.