This archive report was first published on 8 August 2019.
On Thursday, Stanbic Holdings' CEO, Charles Mudiwa, addressed investor concerns at a briefing in Nairobi, where the lender announced its half-year results.
Published on August 8, 2019, the results showed a 14.38 percent jump in net profit, reaching Sh4 billion in the half year ended June, driven by higher interest and non-interest income.
As part of its strategy to become more efficient, Stanbic Holdings has introduced a voluntary early retirement scheme, which Mr. Mudiwa described as a necessary step to make the lender agile in a changing business environment.
“The voluntary early retirement scheme is an outcome of a clear strategy where we are looking at how we become more efficient in the business that we run,” he said.
Mr. Mudiwa emphasized that the bank is not targeting a specific number of staff to be let go, but rather, the decision will be based on the number of applications received.
With 1,088 staff, the bank expects a portion of them to apply for the early retirement scheme, but not all.
