Stanbic Bank Kenya has announced that 88 employees have been retrenched as part of its Voluntary Early Retirement (VER). The process was undertaken between July 22 to August 9, 2019.

This process is part of the bank’s plan to review its business and operating model to ensure that the serve their clients more effectively and efficiently.

The bank undertook a Voluntary Early Retirement (VER) between July 22 to August 9, 2019, where 88 employee applications have been accepted under the VER program. The total number of staff at the bank stood 1,088 as at end of 2018. The bank is facilitating outplacement trainings to the employees leaving the Bank. They include Entrepreneurial Skills, Personal Financial Management and Employee Benefits Management Advisory Sessions.

This exercise is an outcome of a two-pronged strategy to improve efficiency in the business and reorganise its functions. This comes from the need to become a truly digitally transformed financial services Group that is future ready and competitive in the marketplace.

Stanbic Bank was founded in Kenya 108 years ago with the 1st branch opening in Nairobi and Mombasa in January 1911. Stanbic Bank is one of the top banks operating in Kenya providing services to both individuals and businesses. Its Corporate and Investment Banking division delivers a comprehensive range of products and services relating to Investment Banking; Global Markets and Global Transactional Products and Services.

Stanbic Bank is a member of the Standard Bank Group, which was founded more than 150 years ago. Standard Bank is the largest financial institution in Africa by Market capitalization, having an on- the-ground representation in 20 African countries. Standard Bank Group reported total assets of USD 148 billion, while its headline earnings stood at USD 2.1 billion as at 31st December 2018. The group’s largest shareholder is Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding.