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CABS To Shut Down Four Branches

The Central Africa Building Society (CABS) will early next year close four branches in a move the financial institution describes as rationalising strategy and will render hundreds of workers jobless.

The bank said the move was necessitated by the harsh economic conditions and comes just after the closure of four other branches across the country in October this year.

In a letter to clients, CABS managing director, Simon Hammond said the bank was aware that the move would leave people jobless.

“Please be advised that in line with our branch rationalisation strategy, the following branches will be closing on 31 January 2020; Highfield, Highglen, Letombo and Norton. All services will be available at the nearest branches, or any other CABS branch nationwide.

“For your convenience, mobile banking (*227# and mobile app), internet banking, CABS agents, POS devices and ATMs will be available for your use,” said Hammond.

The latest development also follows similar action by Standard Chartered which closed some of its branches.

Zimbabwe Banks and Allied Workers Union general secretary, Shepherd Ngandu said the job cuts in the financial sector are deeply worrying but said this reflected well on the state of affairs in the country.

“We are disturbed by these developments in the financial services sector as banks continue to close branches particularly these multinationals like CABS and Standard Chartered Bank,” he said.

“It may be a reflection of the country economic situation and lack of confidence by these corporates.

“CABS floated a voluntary retrenchment package in order to deal with excess staff. We are made aware that these are the effects of technology as these banks are now merging some of their branches and hope to rely on technology to continue providing services to their customers in the affected branches,” he said.

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