?100 Staff of First Atlantic Bank to Be Laid Off ... Affected Staff Reject Package

About 100 workers of First Atlantic Bank are set to exit following a decision by the new owners First Atlantic Bank to restructure the "merged" entity.

The First Atlantic Bank and Energy Bank merged during the banking sector cleanup.

The two institutions 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 GH¢400 million.

A source at the bank said about 75 per cent of the affected workers were from the former Energy Bank, with the remaining 25 per cent coming from First Atlantic Bank.

The source said management proposed a month's salary multiplied by the number of years served as part of a severance package which the workers were disputing.

However, a statement issued by the affected staff said "we are rejecting the severance package being offered to us by the management of the bank."

"We also want to put on record that the bank has violated our rights by not giving us at least three months' notice ahead of the termination of our appointment and also failing to negotiate our severance package with us," the statement said.

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