by Joseph Mwenda on 19 May 2018by Mukosha Funga on 18 May 2018by Mirriam Chabala on 18 May 2018by Mukosha Funga on 18 May 2018
- Goal Diggers
by Abraham Kalito on 17 Apr 2018by Abraham Kalito on 10 Apr 2018by Mazuba Muleya on 20 Feb 2018by Mazuba Muleya on 20 Feb 2018
by Joseph Mwenda on 18 May 2018by Abraham Kalito on 18 May 2018by Abraham Kalito on 18 May 2018by Stuart Lisulo on 17 May 2018
by Zondiwe Mbewe on 18 May 2018by Zondiwe Mbewe on 17 May 2018by Daniel Chansa on 16 May 2018by Zondiwe Mbewe on 10 May 2018
- Editor's Choice
by Diggers Correspondent on 18 May 2018by Nevers Mumba on 26 Apr 2018by Anand Rajaram and Miljan Sladoje on 4 Apr 2018by Dr Canisius Banda on 22 Mar 2018
by Sipilisiwe Ncube on 15 May 2018by Felix Kashweka on 14 May 2018by Thomas Mulenga on 7 May 2018by Diggers Correspondent on 28 Apr 2018
- Guest Diggers
by Chibamba Kanyama on 16 May 2018by Sishuwa Sishuwa on 14 May 2018by Sishuwa Sishuwa on 7 May 2018by Kalaki on 7 May 2018
Job loses rock FBZ as it merges with BancABCBy Joseph Mwenda on 26 May 2017
Employees at Finance Bank Zambia Plc (FBZ) have cried foul over the manner in which the financial institution is carrying out its involuntary separation programme as it merges with new owners BancABC.
A whistleblower at the Bank told News Diggers! that the financial institution had declared a huge number of employees, especially managers as redundant and given them one month’s notice to pay what they were owing the bank and leave.
But FBZ head of human capital Mutale Chilangwa Chisela and head of retail, business banking Helen Lunda say the merged structure of FBZ and BancABC cannot accommodate all the employees.
The source complained that many Zambians would lose jobs to some foreigners.
“This is happening countrywide but they are doing it secretively. They are saying they are restructuring to the new organisation structure after BancABC bought Finance Bank. They are laying off people saying they are redundancies, but according to what redundancy means it is when the organisation scraps off the position because it’s no longer needed. But they are declaring people redundant while replacing them with others employees. So you can imagine when you have worked for the bank for 14 years and you are laid off and replaced by your junior or a foreigner without even an explanation,” the source complained.
“The time you know what is happening, you see the money in your bank account and the calculation, the way they are doing it is not according to the standard. They are saying one basic salary times the number of years you have worked and they forget about you. I feel Finance Bank being a Zambian bank and most of the employees being Zambians, we cannot be subjected to this kind of treatment by a foreign company which has taken over. They will now bring foreigners to take over our jobs and us Zambians will go straight into poverty.”
The source said although it was not clear how many employees were being laid off, close to 200 workers were targeted.
“I am one of the victims but there are a lot of others, I think about 80 managers and over 100 unionised workers who are going to lose jobs. This is a bad thing which is happening. Finance Bank was going through problems, but some of us stayed on because we believed that the institution had our best interest at heart being a Zambian Bank. We never left, we contributed to keeping the bank afloat, but now they are firing us just like that,” complained the source.
But according to a notice of termination of employment signed by Chisela and Lunda, the purpose of the exercise is to pave way for a new organisation structure and not to retrench workers for any economic reasons.
“The purpose of this letter is to confirm the outcome of the recent group wide organizational restructure, following the acquisition of Finance Bank of Zambia Plc (FBZ) by African Banking Corporation Zambia Limited (BancABC) and the merger of the two banks. As a result of the Bank’s operational requirements, the merged structure cannot accommodate every employee. Following the skills and competency assessment, you have not been offered a role in the merged bank and have therefore been declared redundant. Regrettably, this means that your employment will terminate. This decision is not a reflection on your performance,” read part of the letter to FBZ employees.
“Based on your employment contract or service, your notice Period is one month and by copy of this letter, Finance (salaries section) is required to delete your name from the payroll. Note that you will not be paid your dues until you complete the clearing form and pay off outstanding loans if your have any, or submit a repayment plan for any outstanding loans acceptable from credit department.”
FBZ employees who have been laid off have been ordered to hand over all their work in progress, important phone numbers, identity cards, office keys, calculators, brief cases, staplers, perforators, uniforms and medical scheme cards.
In 2011, the Bank of Zambia announced the sale of Finance Bank to South Africa’s First Rand at a cost of about $5.4 million, after an alleged breach of the Banking and Financial services Act, a move that did not please then Bank Chairman Rajan Mahtani.
After the PF formed government, president Michael Sata ordered the reversal of the transaction on grounds that it was not properly done.
About Joseph Mwenda
Joseph Mwenda is a Zambian journalist experienced in political news writing, photography and video editing.
Email: joseph [at] diggers [dot] news
- Riots in Mwense after chief allegedly murders subject - 19 May 2018
- Lungu personally signed sovereign guarantee for Zesco loan – Africa Confidential - 18 May 2018
- Dora explains Lungu’s land in Swaziland, as $3.9 million mansion emerges - 15 May 2018
- Attack on Zambian trucks may affect trade with South Africa – Mwamba - 14 May 2018
- I’m ready to die over Chisokone market; we will not allow PF to demolish it – CK - 14 May 2018
Subscribe for email alerts
Weekly Most Digged
ArchivesJun0 PostsJul0 PostsAug0 PostsSep0 PostsOct0 PostsNov0 PostsDec0 Posts
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
The News Diggers
Plot No. Lus/9812/649-MC8
off Alex Chola Road
P.O. Box 32147
Telephone or WhatsApp:
+26-097-7708285, 095-3424603, 096-5815078
diggers [at] diggers [dot] news
editor [at] diggers [dot] news
Send this to a friend