Standard Bank has announced that it will close 91 branches – which will affect 1,200 jobs.
The bank stated that it is “realigning its retail and business banking delivery model” amid a “rapid adoption of digital banking products and services”.
As a result, branches are less of a focus for the company.
“As part of the implementation of the new banking delivery model, some of the roles currently being performed in our branches will change,” said Standard Bank.
91 branches will close, the vast majority of these by June 2019.
“These changes will impact approximately 1,200 jobs. However, the actual number of employees who will ultimately exit the employ of Standard Bank SA could be lower, as new opportunities will become available in the new operating model.”
As part of a support programme Standard Bank SA said it will implement a “comprehensive exit package which significantly exceeds the requirements as set out in the Labour Relations Act”.
“We have also set aside funds to assist employees acquire new skills to improve their competitiveness in the labour market, as well as entrepreneurial training and financial assistance.”