Kingdom to retrench

Staff Writer

KINGDOM Financial Holdings Ltd (Kingdom) is retrenching at least 110 staff members this year as the group realigns operations.



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The exercise will result in several staff within the group’s banking divisions being retrenched.



Kingdom chief executive officer Lysias Sibanda confirmed that jobs would be lost at the financial institution.


“We are going to retrench plus or minus 110 workers,” Sibanda said. “The process has already been complete on who has to go. We have made a lot of progress in discussions with the workers’ committee and we have followed laid-down procedures.”


Kingdom embarked on a regional expansion strategy in 2001 and has investments in Malawi and Botswana.


The group has six main operating subsidiaries whose business encompass capital, foreign exchange and money markets, stock broking, portfolio management, economic and company research, retail banking and, more recently, micro enterprise lending and private banking.


During the course of retrenchments, a number of staff within the banking halls are going to fall victim to the axe.


“Basically there are some branches especially those in stores, which are totally unviable. We are not covering our overheads at all from some of them,” Sibanda said. “The idea is to reposition ourselves and restructure to survive.”


Although there has been anxiety among workers as to who would be affected since management is still to officially announce the move, Sibanda said so far everything has been done above board.

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