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Standard Bank plans to shut 91 South African branches

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The bank’s South African unit said that the it is reviewing its model for servicing retail and business customers due to an increasing uptake of its digital offerings and declining use of its outlets.

Sunday 17, March 2019

(Bloomberg) --Standard Bank Group expects to close 91 branches across South Africa by the end of June, in a move that may affect about 1,200 employees.

The actual number of people who lose their jobs might be lower because there may be other opportunities in the new operating model, it said.

In a statement, Standard Bank’s will implement a comprehensive exit package which significantly exceeds the requirements as set out in the Labour Relations Act.

The bank also said that has also set aside funds to assist employees to acquire new skills to improve their competitiveness in the labour market, as well as entrepreneurial training and financial assistance.

 

TAGS : Standard Bank, Labour Relations Act, South Africa

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