About 100 workers of First Atlantic Bank has been laid off following the decision by the new owners to restructure after the merger with Energy Commercial Bank.
First Atlantic Bank and Energy Bank merged during the Banking sector cleanup.
The two instructions were merged recently, with First Atlantic Bank having the controlling stake. This was due to Energy Bank’s challenge at meeting the new minimum capital requirement of ¢400 million.
Sources at the bank say about 75 per cent of these workers are from the former Energy Bank, with the remaining 25 per cent coming from First Atlantic Bank.
At a meeting, this week Ghanatalksbusiness.com has learnt that management proposed a month’s salary multiplied by the number of years served as part of a severance package which the workers are not in support of.
Sources say the affected workers are said to have rejected that proposal after it was communicated to them last week.
According to management of First Atlantic Bank, the action was needed because of what they described as duplication of roles as a result of the merger between itself and Energy Bank.
The bank also argues that the move was based on a review conducted by an independent consultant and the recommendations adopted, as such management of First Atlantic Bank insists they have been fair to all.