Access Bank Plc on Tuesday assured retrenched workers of prompt payment of their entitlements and benefits.
The bank, which did not disclose the worth of the severance package for its former 1,100 employees, only said it was the outcome of a peaceful negotiation.
Mr Aigboje Aig-Imoukhuede, the Group Managing Director of the bank, said in a statement obtained by NAN that the terms for the employees restructuring were reached in consultation with relevant labour bodies.
“We have taken care to ensure that all aspects of the rationalisation process are fair, objective, transparent and generous,” he said.
Aig-Imoukhuede said that Access Bank’s acquisition of the Intercontinental Bank was a rescue mission of the former bank’s ``legacy of poorly conceived investments, cost inefficiency and sub-optimal returns’’.
He said that prior to the business combination, the former Intercontinental Bank had between 2008 and 2010 disengaged 5,533 workers in its bid to remain afloat.
Aig-Imoukhuede said that Access Bank, in its current downsizing, had provided a soft landing for the affected workers by funding an outplacement service firm for former staffers interested in seeking employment within or outside the financial services sub-sector of the economy.
He also said that the management planned to work with Accenture to determine the resources needed to support the new mega Access Bank toward ensuring efficient service delivery and enhancement of returns on investments.