KUALA LUMPUR: The Finance Ministry will discuss with Bank Negara ING Insurance Agency Force Association Malaysia’s (INGIAFAM) request for a fair compensation for agents from the ING Groep NV’s (ING) Asian units’ sell-off exercise.
Source from (The Star Online): http://biz.thestar.com.my/news/story.asp?file=/2012/4/9/business/11071889&sec=business
Published: April 05, 2012
“They have submitted a memorandum on their request and the ministry will discuss with Bank Negara on this matter as I was informed by the members that the central bank did not agree to it,” Deputy Finance Minister Datuk Donald Lim Siang Chai told Bernama after opening INGIAFAM’s new office building on Saturday.
ING, a Dutch financial services company, plans to scrap its plan to list its combined European Union (EU) and Asian insurance and investment management operations, to make it easier to sell the Asia operations separately, in return for EU’s approval for 10 billion euro of Dutch state aid received in 2008.
According to the association, the ING Asian business book value is RM24bil.
Earlier, Lim said he hoped Bank Negara would consider INGIAFAM’s request since ING Hong Kong and ING Korea agency force were compensated from the selling exercise.
INGIAFAM represents about 10,000 ING agents in Malaysia.
Meanwhile, Lai Keun Ban, INGIAFAM chairman, compensation sub-committee, said ING Malaysian agency force was still uncertain and the livelihood of the agents and their families would be badly affected due to the possible negative consequences.
“If ING Malaysia does not fairly compensate the agents, we will face confidence crisis as they will give up their careers. Our policyholders will be badly affected as well if the agents leave the company,” he said.
He urged the Dutch company to consider its appeal seriously as the agents had always remained loyal to ING and continuously delivered promises to policyholders with efficient, effective and professional services. – Bernama
No comments:
Post a Comment