SBM Bank Lays off More Workers

State Bank of Mauritius (SBM) has sent home a number of employees in a mass layoff after failing to reach their targeted number under the voluntary exit window.

The lender which bought Chase Bank three years ago announced a voluntary exit scheme in October and is following up with redundancies after it failed to attain the targeted savings.

At the beginning of the year, the lender had about 900 staff most of who SBM acquired from Chase Bank.

SBM has not disclosed the number of employees who left voluntarily or the number of staffers it intends to send home but sources within the bank say scores of mid and low-level bankers have received termination letters.

“The voluntary employment separation scheme did not yield the expected result and is in line with my earlier communication. The bank will therefore proceed with its redundancy program,” SBM Ceo Moezz Mir said.

The staff who will be rendered redundant will be given similar terms as those who chose to leave in October including one and a half month salary for every year served to maintain staff interest rates on loans for five years.

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