Banks workers union criticizes ‘secrecy’  around Stanchart takeover by FBC – NewZimbabwe.com

By Alois Vinga

THE Zimbabwe Banks and Allied Workers Union (ZIBAWU) have raised serious concerns over the secretive manner in which the negotiations around Standard Chartered Bank’s takeover by FBC Holdings are being conducted.

FBCH recently won the bid to acquire Standard Chartered Plc’s Zimbabwean unit more than a year after the multinational banking group said it was exiting seven markets including Zimbabwe.

Under the arrangement, FBCH will acquire 100% of the shareholding in and by extension, the custodial services business that is wholly owned by Standard Chartered Bank Zimbabwe.

FBCH will continue to employ all of Standard Chartered Bank Zimbabwe’s employees. The two banks will work closely in the coming months to provide a seamless transition for its clients and staff.

RELATED: FBC Holdings moves to acquire StanChart

But speaking to NewZimbabwe.com Tuesday, Zimbabwe Banks and Allied Workers Union (ZIBAWU) assistant secretary general, Shepherd Ngandu expressed dismay over the manner in which the affected employees and their representatives are being side-lined.

He said the union has since made representations to the regulator raising concerns in anticipation of a timely redress over issues affecting the bank’s workers but were shocked to learn that the sale is progressing.

“It was our hope that the interests of all stakeholders including existing Stanchart workers as well as over the 700 pensioners would be taken into account but sadly not.

“Workers have the right to be fully consulted and kept informed which did not happen. We still remain hopeful though that the stakeholders will be fully engaged and ensure that rights and interests are protected in the process,” he said.

Ngandu said over the years, Stanchart has sustained the record of an employer of low regard hence the need to come out clean on how exactly employees’ concerns were going to be treated in the forthcoming arrangement.

“Our experience is that the outgoing bank’s treatment of workers has always bordered on racial consideration and discrimination. In our view it treats African workers differently from European workers.

“They would not have sold the bank in Europe without fully consulting the workers and the trade union as it did here,” he said.

Ngandu expressed hope that the local regulator and the purchaser will protect the rights and interests of Zimbabwean workers.