9.5 C
Alba Iulia
Friday, September 25, 2020

Hundreds to lose jobs as Cavmont shuts down four branches

Headlines Hundreds to lose jobs as Cavmont shuts down four branches

Hundreds of employees at Cavmont Bank are to lose their jobs after the bank announced that it was closing down four of its 19 branches.

The branches to be shutdown are the Industrial Area, Mpulungu, Mwense and Mufumbwe.

In a statement, Bank Chief Executive Officer, Peet Van Der Walt announced that the bank’s restructuring is aimed at optimizing the performance to ensure its long-term sustainability.

Mr. Van Der Walt said the restructuring process will consist of two main components, being the rationalization of the branch network and the streamlining of head office support functions.

The rationalization of branches will be subjected to the key changes which include, branch mergers centralization of branch back office operations and branch closures in the industrial area, Mpulungu, Mwense and Mufumbwe.

Mr. Van Der Walt said customers of the industrial branch can continue to access the ATM network as well as the other Lusaka-based branches while clients of the Mpulungu, Mwense and Mufumbwe branches will continue to have access to local Cavmont bank ATMs, make use of electronic and digital channels and they can access banking services from Mbala, Mansa and Solwezi.

He said Cavmont has sought approval from the Bank of Zambia to ensure full compliance with statutory regulations and approval was granted for this restructure.

Mr. Van Der Walt said the bank has also met with the representative trade union, Zambia Union of Financial Institution and Allied Workers and the Ministry of Labor to inform them of the intended restructure and the regrettable impact of it.

He explained that details of the restructure was discussed with the Cavmont Bank trade union in advance and that communication regarding the bank’s restructuring will in addition be sent to affected customers and employees of the bank as well as to affected service providers.

24 COMMENTS

    • A money economy has certain dos and don’ts that hv to be observed. When those in the know tell u to mind the gap btwn govt revenue and govt spending this is wht they fear will soon follow instead of dismisding them as bitter losers. Zambia has no income support for those who lose jobs whn the economy tanks or if they are retrenched. Livelihoods and schooling are ruined. Few things are as painful as to see a respectable family failing to provide for itself and you a promising daughter falling prey to negative temptations. To be in charge of the wealth. of a nation is a great responsibility.

    • ATFL: Please get it in your head that in a money economy everything is connected to everything else. Whn some people lose their jobs, that will impact negatively on other people who benefited from the spending power of those who hv lost jobs. You hv no idea how PF supporters are economically connected to those who do not support the PF. This a basic truth that requires no explanation.

  1. atfl,what do u mean?Let us not politicize certain things.What has upnd got to do with cavmonts closer of some branches? seat and reflect or know what to write.

  2. Companies always restructure, including in the west and east. Only difference is that in the east like Japan the CEO and the companies managers would have taken a pay cut to safe guard their fellow employee’s jobs. In the west like Zambia their greed knows no bounds.

  3. Zambia is not in the West (rich, democratic nations); it is in the South (Poor countries). Also Japan is not in the East (communist countries). It is in the West. Check your facts.

  4. This happens every where. Even here in the UK!

    Bank branches in local areas have been closed and reduced to local High Streets. Same thing with Police Stations, Hospitals!

    It’s sometimes financially astute in times of changes to be more effective.

    Redundancies happen to everyone and employment is no longer guaranteed world wide. GET ENTREPRENEURAL, …..GET A SIDE HUSTLE…….ALONG WITH YOUR MAIN JOB. Work for yourself!!!

    • Kantember, in front of your house!! Get cracking guys!

Comments are closed.

- Advertisement -
Loading...
- Advertisement -

Latest News

Sub-Saharan Africa gets US$2.6 million in healthcare electrification grant

The Power Africa through the United States Agency for International Development (USAID) has announced a grant totaling over US$2.6...

CEC committed to ploughing back to the community

Copperbelt Energy Corporation (CEC) Senior Manager for Social and Economic Development, Dorcas Mvula says her firm is committed to carrying out Corporate Social Responsibility...

Government implements project to reduce child marriage

Ministry of Gender Permanent Secretary Sastone Silomba said Zambia has been implementing the India, Brazil, South Africa (IBSA) pilot project aimed at reducing child...

Minister of Finance Unveils a K119.6 Billion Proposed 2021 National Budget

Finance Minister Bwalya Ng’andu has unveiled a K119 billion proposed National Budget for 2021 aimed at laying a foundation for economic recovery, safeguarding livelihoods...

2021 Full Budget Speech By Finance Minister

Mr Speaker, I beg to move that the House do now resolve into Committee of Supply on the Estimates of Revenue and Expenditure for...

More Articles In This Category