Stanchart Closes Three Branches, 60 Workers to lose job

Standard Chartered Bank will from September 01 close down its operations in three regional capitals in the country. The Bank will also merge two other branches in Accra and Takoradi. The bank stated in a letter addressed to its customers at Sunyani, Cape Coast and Bolgatanga and signed by Executive Director, in-charge of Consumer Banking, Albert Saltson that, over the past three years, it has been going through a major strategic transformation of its business aimed at enhancing customer experience with the bank and expanding its value proposition.

It claims that the over all objectives of its operations is to create an expanded, more diversified and modern financial services sector that ensures wealth creation in the country. A key aspect of this exercise the banks says, has been a critical review of existing distribution channels, which has historically been restricted to branches and ATMs.

Stanchart’s statement indicates that it became imperative that it rationalizes its branch network and re-invests in the diversification of distribution system to offer a wider and greater convenience to meet customer needs and expectations. It also stated that, its findings from customer’s feedback and discussions with stakeholders on products offering and current increases in the number of operators in the banking industry determines that the bank agrees to close down operations in these selected areas.

To minimize the effect the closure might have on customers and also to ensure a smooth transition, the bank is negotiating to transfer operations to another well-established bank in which its customers may want to continue their banking transactions. The letter said in the event that the effected customers are not interested in banking with the prospective bank that might take over, those customers should start making their own arrangement before the date of closure.

“All remaining accounts after the said date will be transferred to its Harper Road branch in Kumasi and the Techiman, Takoradi Harbour or Tamale branches, depending on the proximity of the closing branches.” The bank warns that “in the event that you may not be interested in maintaining a banking relationship with the referenced bank, we advice that you make your own arrangements before 1st September 2003.”

According to the letter, “a desk that would be manned Professional Financial Consultants is been established to help customers to in ensuring a smooth transition”. The Head of Corporate Affairs at the bank’s head office Charles McCarthy told the Network Herald that the measure will affect about 60 employees of the bank, adding, the Human Resource Department of the bank has informed them about the development.

He said while discussions are ongoing for a takeover of the branches by new banks that want to operate in these areas to absolve some of the workers, whom he described as “hardworking and resourceful”, nice packages are been worked out for those that will be laid off completely. Adding ‘’some of them would be integrated into some branches in other regions” The Adabraka Branch would be merged with Ring Road Branch while the Market Circle Branch would be merged with the Takoradi Harbor Branch in Takoradi in the Western Region to continue with our excellent services.