Intercontinental Bank says it has outsourced 3,400 of its support staff as part of its repositioning exercise. A statement issued by the bankâ€s Corporate Communication Department in Lagos on Thursday said that the exercise was one of the key elements of the bankâ€s â€œâ€œProject Transformationâ€â€ initiative.
It said the exercise was carried out after due consultation with the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) and its local chapter where the terms of outsourcing were agreed upon.
The statement said that the exercise was done based on clearly-defined criteria agreed on by the union and the bank.
It said that the agreement would ensure that the affected members enjoyed the same remuneration and allowances as when they were directly employed by the bank.
â€œThis is in addition to free medicare under the existing Health Insurance Scheme (HIS). All affected staff members received immediate severance package as well as immediate employment through the outsourcing agency,â€ the statement said.
The statement recalled that the bank had in 2009 launched a three-phased â€œâ€œProject Transformationâ€ strategy aimed at stabilising, rebuilding and consolidating the bank for greater efficiency and profitability.
The bank is committed to pursuing bold and necessary changes that will fully restore value and confidence to all our stakeholders,â€ it said.