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FCMB Terminates Employment of 550 Finbank Staff

By on April 30, 2012

The management of FCMB Plc has terminated the employment of 30% of Finbank staff numbering 550 people. This is following the merger between the two banking brands and the resulting integration process.

Speaking on the development, Mr. Ladi Balogun, Managing Director of FCMB said the move became necessary as the bank had to close 44 Finbank branches due to duplicity of functions.

Balogun said, “Five hundred and fifty Finbank employees have taken the opportunity to resign.

“We are retaining about 70 per cent of the Finbank staff. Those affected have a robust welfare package, including entrepreneurial training, proper counseling and a good severance package.”

“While staff rationalisation is necessary in a merger, it is important that it is done with a human face,” he added.

“In terms of the cost of the exercise to the bank, we are still calculating. We will be paying the people what they deserve and we will be treating them with dignity.”