Standard Bank has announced that it will shut down 91 branches in South Africa as the bank focuses on digital banking platforms.
The bank said the majority of these branches will be closed by mid-year.
Said Standard Bank this afternoon:
“As part of the implementation of the new banking delivery model, some of the roles currently being performed in our branches will change. A decision has also been taken to close 91 branches, with the vast majority of these closing by June 2019.
“These changes will impact approximately 1200 jobs. However the actual number of employees who will ultimately exit the employ of Standard Bank SA could be lower, as new opportunities will become available in the new operating model.”
It added that as part of a support programme agreed with its union, SASBO, the bank will implement a comprehensive exit package which significantly exceeds the requirements as set out in the Labour Relations Act.
“We have also set aside funds to assist employees acquire new skills to improve their competitiveness in the labour market, as well as entrepreneurial training and financial assistance,” added the bank.