Unity bank sacks 215 members of staff.

Unity bank sacks 215 members of staff.

Unity Bank Plc yesterday allegedly  reduced its over 2,000  workforce by sacking 215 members of staff.

According to a source close to the bank, about 200 new hires were said to have been recruited by the bank to promote the transformation initiative hat was initiated by the management within the past year.

A source close to the bank said the new focus of the business has led to significant enhancement of human capital in its various business units.

This was with a view to injecting fresh ideas, initiatives and energies to strengthen its various departments with capabilities to pursue the attainment of strategic business focus in the Agricultural financing, retail/Small and Medium Enterprises (SMEs) and development of rural economy.

The lender last May, forged a strategic alliance with Black Trituium, equity and investment fund manager.

The bank said it in a report on its website that it was driven by the vision to be the retail bank of choice for all Nigerians and “this is at the core of all that we do”.
Investigation revealed that the affected members of staff were those that achieved less than 40 per cent of their performance target, which affected the lender’s overall profitability in recent years.

Furthermore, given the current economic outlook, this strategic alliance will come with immediate benefits that will enhance the capacity of the bank to meet the needs of its banking public.The alliance will also support government’s initiatives aimed at driving growth in the real sector through Small and Medium Enterprises (SMEs) and retail products,  with particular focus on the agricultural sector.

According to the Nation the new investor in the bank, Black Trituium, was committed to making significant equity investment in the bank.

This strategic alliance will expand Unity Bank’s business scope, strengthen its capital base and support the bank’s retail strategy while meeting the investment objectives of Black Trituium. The Black Trituium manages funds for individuals and institutions such as Trade Union Congress (TUC).

The collaboration with the bank is expected to expand the retail and Small and Medium Enterprises segment of the bank. Investment analysts see this as a unique opportunity with the potential of broadening the bank’s customer base and provide long term stakeholders value.

Source :The nation

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