Dao Heng Bank plans to close 12 branches at the end of the year. About 100 employees would be affected by the closures, said official Dorah Kuo, but none would lose their jobs. 'They will all be redeployed at remaining branches,' she said. 'Right now we have empty workstations in various areas, such as direct sales and investment corners and we do not expect to lay off any staff.' The move comes in the wake of the takeover of Dao Heng by Singapore-based DBS Bank. It carried out a wide-scale branch closure in Singapore following its takeover of the island state's POSBank. But Ms Kuo said the rationalisation planned for Dao Heng branches had nothing to do with the takeover. 'The branch restructuring has been on-going for the past few years and this was planned earlier in the year,' she said. 'Three years ago we had 100 branches in Hong Kong and we are now down to 71. This is an on-going process.' To contain rising costs associated with its aggressive takeover campaign, DBS, now chasing Singapore rival Overseas Union Bank, announced senior executives' pay would be cut by a fifth.