ABC, ZUFIAW agree to release 150 workers

AFRICAN Banking Corporation (ABC) will lay off about 150 workers out of 1,050 following the merger between Finance Bank Zambia (FBZ)

and BancABC.
ABC acting managing director James Koni said the lay-off is an inevitable eventuality that has come as a result of the acquisition of FBZ by Atlas Mara, the owners of BancABC.
Mr Koni was speaking during the signing ceremony of the redundancy agreement between Zambia Union of Financial Institutions and Allied Workers (ZUFIAW) and ABC yesterday.
“The decision to reduce our staff members was not deliberate but a necessary step that has come as result of the merger between the two institutions [FBZ and BancABC]. We will work with the union to try and minimise the number of workers being laid off,” he said.
Mr Koni commended the workers for their support towards the growth of the institutions and advised them to invest their exit package in profitable ventures.
He said ABC will finalise the placement of staff members in two weeks and start negotiations for the recognition of the new union and other conditions of service for the workers.
And ZUFIAW general secretary Chingati Msiska urged ABC management to consider partnering with ZUFIAW informal sector desk and provide training in life skills and entrepreneurship as part of the redundancy package.
Mr Msiska advised workers leaving the bank to invest in projects that will add value to their lives and enable them to participate in national development.
He commended the management team for working to ensure that the redundancy agreement reflects the will of the members.
“We expected the acquisition of FBZ to result in the restructuring of staffing levels due to refocusing of business strategy and we are here to protect the interest of our members by negotiating for a package that will help them sustain their lives,” he said.
And Atlas Mara Limited head of human capital Jonathan Muthinge urged workers to continue working hard and contribute positively towards the growth of the institution.

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