Standard Chartered Bank on Wednesday announced that it is moving its shared service center operations from Nairobi to Chennai India.
The Nairobi center is in charge of providing operational services to its subsidiaries around the region including branches in Botswana,Tanzania,Uganda,Zambia and South Africa.
According to the bank Chief Executive Lamin Manjang,the decision has been made as the bank seeks to centralize its shared service centers to its global centers in Malaysia, India, and China.
He has however said that the movement does not mean that the bank will stop its services in the nation and region and is still committed to offering services.
“Standard Chartered Bank’s commitment to Africa and Kenya in particular remains very strong. The Group has made substantial investments in Africa in the last year, and Africa is now at the front of the queue for future investments,”he was quoted by the Star.
Manjang also said that the institution is putting measures in place to deploy some of the employees left jobless in the process into other areas within the institution.
"Efforts are ongoing to absorb some of the staff into other areas within the Bank. For those that will not be redeployed, a redundancy exercise will be carried out in line with local labour laws,"he added.