×
× Digital News Videos Opinion Special Reports Lifestyle Central Coast Eastern Nairobi North Eastern Nyanza Rift Valley Western Business News Stocks Financial Standard Africa Asia America Europe Weird News Editorial Commentary Letters Crazy World Features Entertainment Money & Careers Health & Science Sci & Tech Home & Away Generation Next Cartoon Education Pointblank Environment Travel & Destination Columns Kipkoech Tanui uReport Kiambu Murang'a Nyandarua Kirinyaga Nyeri Baringo Bomet Elgeyo Kajiado Kericho Laikipia Nakuru Nandi Narok Samburu Trans Nzoia Turkana Mombasa Kwale Kilifi Tanariver Taita Taveta Kakamega Vihiga Bungoma Busia Siaya Kisumu Homabay Migori Kisii Nyamira Nairobi Uasin Gishu West Pokot Sunday Magazine The Hague Trial Kenya @ 50 Education and Training Health and Environment Insurance and Financial Security Housing Current Affairs Humour Makau Mutua David Oginde Clay Muganda Comand Your Morning Mohamed Wehliye Wednesday Life Alexander Chagema Arts & Culture Kamotho Waiganjo Barrack Muluka Xn Iraki Urban Rights - By Steve Ouma Branding Voice KCB Fredrick Ogola Sunday Magazine Wanja Kavengi Njoki Kaigai David Oginde Ken Opalo Daisy Maritim Houghton Irungu Hustle News Group Stages Round of 16 Quarter Finals Semi Finals Finals Third Place play-offs Opinion Dr Pesa Podcasts Round Table Sepetuko Eve Woman Ramadhan Special Fact Check Correction Explainers The Standard Insider Blog E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
×

Co-op Bank retires 160 managers as it adopts new growth model

By Standard Reporter | December 11th 2014 at 03:17:00 GMT +0300

NAIROBI, KENYA: Co-operative Bank said on Thursday that it will lay off 160 managers in a restructuring process come December 22.

According to a statement signed by CEO Gideon Muriuki,  the new strategies are expected to accelerate the aggressive growth momentum of the Bank, as one of the largest financial institution in the region. It has an asset base of over Sh270 Billion.

"Based on restructuring, some of the roles in the organisation have been realigned while others have become redundant and the bank has therefore released 160 (one hundred and sixty) staff mainly from the management cadres with effect from 22 December 2014," he said.

“The transformation program continues with focus on full implementation of the road map to deliver the objectives and the desired benefits as outlined in the Growth and Efficiency Project,” he added.

The bank had earlier engaged Mckinsey and Company to undertake a growth and efficiency review aimed at organisational repositioning, front line productivity, digitisation and automation among other areas with a view of enhancing the bank’s ability to generate higher revenues and with significant improvements in efficiency.

Implementation of the new growth model is underway with key focus areas including a customer centric organisational structure; organize business units and front line bankers by segments instead of products to ensure that the bank increases staff productivity riding on the well established network of over 142 branches, over 4.9 million account holders and a well established ‘Universal Banking Model’.

Strategies to enhance the growth of the dominant co-operative sector that is the largest in Africa with over 12,000 co-operative societies.  The sector with over 65 per cent ownership of the bank remains the dominant sector with over 8 million members countrywide.

Reducing silos and the need for flatter management structures and thus freeing more time for management to focus on core responsibilities.


sack Co-operative bank Lay off
Share this story

THE STANDARD INSIDER

Read More

Feedback