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We didn’t sack 650 staff – Sterling Bank



Contrary to report making the round, Sterling Bank Plc, has said that it did not sack 650 staff but only returned them to service providers that had earlier assigned them to work with the bank.

According to the bank in a statement on Thursday, “In the course of its operations, our bank engages the services of third party service providers, who assigned their staff to Sterling Bank to carry out specific tasks” on the behalf of the service providers.


“These 650 workers, in press reports, are not staff of Sterling Bank, but were assigned to the bank by our service providers. The Service Level Agreement (SLA) with the parent companies allow them to reassign their staff to any other institution they (service providers) deem fit.”


The bank, therefore, encourage members of the press community “to confirm any stories relating to the bank with our corporate communications team,” stressing it is always available by email and through social media channels for verification of news stories.

Meanwhile, the lender has said despite the prevailing economic climate, it continues to manage a business, which cares about its people, with an outstanding record of building and growing mutually-beneficial relationship with members of its staff.

“We also continue to build capacity for our people through excellent training and developmental programmes such as the Sterling Graduate Associate and the Sterling Management Associate programmes targeted at identifying, grooming and developing young talents for leadership positions in the bank,” the lender added in the statement.

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