Bank Rakyat to cease Rakyat Holdings ops

Rakyat Holdings’ subsidiaries are Rakyat Travel, Rakyat Hartanah, Rakyat Asset Management, Rakyat Niaga and Rakyat Facility Management.

KUALA LUMPUR: Bank Rakyat says the decision to cease the operations of subsidiary Rakyat Holdings Sdn Bhd as well as units under that subsidiary was made in order to prioritise and focus on its financial services business.

No staff retrenchment took place and employees affected have been absorbed to serve the bank starting Dec 15 based on their skills and qualifications, the Islamic co-operative bank said in a statement.