Standard Chartered has retrenched more than 100 employees with more lay-offs planned as the bank has begun outsourcing some of its operations in Zimbabwe to countries such as Kenya, Malaysia, China and India, it has been revealed.
This development will see the bank closing some of its branches in Zimbabwe leading to more retrenchments.
The reason given for the retrenchments was the migration of the bank’s operations to its Global Business Services (GBS) centres in Chennai and Bangalore (India), Kuala Lumpur (Malaysia) and Tianjin (China)
“As part of a continuing review of our strategy and in a bid to improve effectiveness and efficiencies of our business operations, SCB has concluded that the best option is to migrate the country operations from Zimbabwe to GBS centres in India, Malaysia and China.”
A source said another Stanchart branch in Harare’s Borrowdale suburb could soon close down.
Stanchart chief executive Ralph Watungwa told Standard business that the bank was evaluating its channels of delivery because branch transaction traffic in Zimbabwe was on the decline.
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