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Wednesday, August 28, 2019

Major Job Losses At GT BANK As It Announces Closure Of Popular Branch

Job Losses As GT Bank Announces Closure Of Popular Branch
Guaranty Trust Bank (GT Bank) has announced the closure of its Ngong Road Branch in a restructuring move.
The bank is targeting to shut down non-performing branches, which may see several staffers retrenched.
In a circular to customers, the Bank said
that the branch will be shut down by September 30 in a bid to “re-strategize our operations”. Customers at the branch will now be served by Karen Branch.
“In a bid to re-strategize our operations and continue to offer excellent and efficient service, we hereby advise that we shall be closing our Ngong Road branch on 30th September 2019. For our Ngong Road branches customers, kindly be advised your account will remain as is. Further to this, you will be able to access your usual banking services at our Karen Branch or any of our other branches,” read the circular signed by Executive Director Victor Egaza and Settlements Manager Charles Kirimi.
The move will see the lender remain with seven branches countrywide which include Karen, Kimathi Street in Nairobi CBD, Industrial Area, Westlands at its head office, Nanyuki, Thika and Mombasa.
In 2014, GT Bank acquired a 70 percent stake at Fina Bank in a deal worth about $100 million (Ksh10 billion).
GT Bank is one of the blue chip companies in the country that will experience job cuts this year, as it seeks to reduce operational cost.
Several companies have expressed concerns of a difficult business environment in Kenya, with some shutting down completely while others retrench staffers to cut costs.
However, in the banking sector, the advancement of technology has seen the need for physical banking reduce, with most people in the urban setup using mobile banking.
People in the rural areas who use banking services are few, which makes establishment of physical banks a costly move. Instead, banks are now relying on agents to offer manual banking services.

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