KCB lays off 28 in Rwanda unit
A KCB banking hall in Rwanda. PHOTO | FILE
What you need to know:
- Lender says it was “reviewing its operations” in light of Nairobi’s interest rate caps and growing uptake of technology in the banking industry.
KCB Group, Kenya’s biggest bank by assets, has signalled a fresh round of job cuts after sending home 28 staff at its Rwandan subsidiary.
The NSE-listed bank said in a response yesterday that it was “reviewing its operations” in light of Nairobi’s interest rate caps and growing uptake of technology in the banking industry but declined to reveal how many workers will be affected in Kenya and across the group.
“The review is an ongoing process that has also seen us relook our workforce in keeping with the best business practice in an industry that is undergoing a major transformation driven by fast evolving technology changes, and a dynamic regulatory regime,” KCB said in response to our queries.
“The process is being handled in accordance with the laws and once the exercise is completed, a formal communication will be shared.”
