Sidian Bank mulls to retrench 108 staff in a new voluntary retirement plan that will cost it Sh70 million.

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Chief executive Titus Karanja said Monday during news briefing that the move is in no way related to the recently amended banking law.

According to Business Daily, Karanja said the retrenchment had planned the move before the new law came into effect.

"Price is no longer a distinction under the interest rate caps regime. It is now about efficiency," said Karanja as quoted by Business Daily.

Sidian bank’s move follows a similar announcement by Family Bank which plans to lay off staff too.