CAPE TOWN – The South African Society of Bank Officials (Sasbo) says it’s "shocked" to learn that more than 650 African Bank employees may be facing the chop.
The union has approached the Commission for Conciliation, Mediation and Arbitration (CCMA) to intervene.
Consultations with the CCMA over African Bank's plans to retrench 652 employees will start at the end of May.
Sasbo’s Myan Soobramoney says: “It’s definitely something that has shocked us and we’re going to do our utmost best to protect our members. As Sasbo, we are fundamentally against retrenchment.”
According to reports, the move comes amid the institution's restructuring plans.
African Bank was relaunched last year after its holding company was placed under curatorship by the Reserve Bank in 2015 in a bid to rescue it from collapsing.
(Edited by Shimoney Regter)