Following the ongoing recapitalisation exercise in the banking industry, Labour group, that is, the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSIBIFI) disclosed it will engage investors of banks involved in mergers or acquisitions to ensure the rights of workers who may likely be laid off are protected.
The president of ASSIBIFI, Olusoji Oluwole who spoke on the sideline of a capacity building for business editors in Lagos recently, also advocated fair compensation packages for the sector’s workforce.
The body, he said, would actively engage stakeholders to safeguard workers’ welfare as the recapitalisation exercise progresses, emphasising the significance of the recapitalisation on the members due to the wave of mergers and acquisitions sweeping the industry.
Oluwole described as inevitable consolidation of the banking landscape which would make some players as dominant actors, adding that, “While this may lead to increased demand for specialised skills in certain areas, it also raises concerns about potential job displacement for employees in overlapping roles. The focus for ASSIBIFI is to ensure a smooth and equitable transition for all employees affected by these mergers and acquisitions.”
The president stressed the importance of communication and proactive engagement with all stakeholders, especially in matters involving workers union, even as it recognised the potentials of role duplication in merged entities, Oluwole stressed the need to prioritise the placement of affected employees within the new organisational structure.
This, according to him, includes advocating for appropriate compensation packages that reflect the increased capital base of the merged entity and the relevant regulatory frameworks governing such transitions.
He noted, “Our primary objective is to navigate these organisational changes effectively, address potential redundancy and ensure equitable treatment for all employees impacted by the recapitalisation process.”
On casualisation in the banking sector, Oluwole noted progress in compliance by financial institutions and advocated stricter monitoring and enforcement to protect workers’ rights.
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