Stanbic Bank Botswana (SBB) spent a total of P40 million on packages for its 72 retrenched staff, according to the bank's latest financial results. This drove up operating expenses by 5.5% as staff costs ballooned by 19.4% as a result of the packages.
SBB made the retrenchments between August and December 2023. For the remaining staff, SBB says it made the necessary salary adjustments to tackle the real inflationary environment.
According to SBB, the retrenchments were meant to align the skills of its people and the portfolios they occupy with the customer-centric ambitions that the bank has.
"This has resulted in an increased workforce which has the future-ready skills necessary for providing effective and efficient services and financial products to our market. This will enable us to deliver integrated and seamless financial services that anticipate individual client needs," said SBB board chairperson Dr Tebogo Matome.