KUALA LUMPUR: Malayan Banking Group (Maybank) spends some RM100 million a year just to train its new staff, which is well above the industry benchmark according to its new chief executive officer Datuk Abdul Farid Alias.
"We spent RM100 million on training alone because we believe that talent is important when it comes to running a business," he said during the launch of the Maybank GO Ahead challenge grand finals which saw 54 participants from 30 different countries battling it out for a coveted spot at Maybank's New York branch.
"That amount is not only above the benchmark set by Bank Negara, but it is also well above the benchmark set by global banks," said Nora Manaf, senior executive vice-president and head of group human capital.
The group has also invested US$70,000 (RM231,350) for the second instalment of Maybank GO Ahead challenge, which is US$20,000 more than its maiden challenge last year.
"The increase in investment is because we have widened our talent pool outside of Asia and all across the globe and we have also increased our price money from last year," said Nora.
All 54 participants have received conditional offers to be part of the Maybank group but only the champion will receive an all-expense paid internship in New York, along with the US$1,000 prize money.
"Everyone's a winner when it comes to Maybank," said Farid.