Chairman of BIC denounces ‘blockage’ in access to foreign exchange and threatens to send 400 employees home.

Manager of the largest Angolan bank in terms of credit portfolio anticipates dark days for the bank's staff. As the bank no longer makes money from the sale of foreign currency, and, as a result, has lowered financial margins, the solution involves, for now, closing more than 40 branches, which should force the dismissal of four hundred bank professionals who It has baobab as its brand.

A total of 400 Banco BIC workers are at risk of losing their jobs before the end of the year, due to a series of financial problems the institution is experiencing, particularly access to foreign exchange and management of maintenance of commercial infrastructures of the bank, Kieto Economy learned from administration sources.

This situation should also force the bank founded by Fernando Teles and Isabel dos Santos to close more than 40 branches, as, with the current treasury difficulties in foreign currency, which is compromising the bank's business with suppliers of various services contracted abroad, the bank is unable to keep this number of branches functional.

Before the surveys carried out by this newspaper, the bank's CEO, Hugo Teles, son of Fernando Teles, had also raised this possibility. Through RNA microphones, this Wednesday, Hugo Teles said that the banking institution plans to close 40 of the 230 branches.

“We thought about closing some branches, unfortunately. We are the only banking institution that has not yet closed branches and tried to maintain good salaries for employees, but we also need a certain amount of support to be able to continue working properly. But, unfortunately, this does not always happen”, pointed out the manager.

This picture reveals the bad period that almost all institutions are going through due to the exchange rate problems that Angola has once again faced.

Like BIC, BAI has already stated that, due to the currency crisis that is raging in the Angolan banking market, it was forced to cut the Visa card loading limit by more than half. BIC, due to the constraints, will opt to cut the working population.

According to Hugo Teles, banks nowadays, unfortunately, need currency to work, and only a few are buying it. “Institutions that most of the time don’t even have kwanzas to create these currencies. In other words, some banking institutions, because they do not have kwanzas to go in search of currency, resort to loans given by BIC. For that, they could sell them to us, but they don’t”, criticized Hugo Teles.

After the board of directors placed BIC's financial situation in the public domain and forced it to lay off more than 400 employees and close 40 agencies, complaints and concerns were not long in coming.

As a result, a group of employees are, since the announced measure, discouraged and surprised by the information provided by the administration that the institution will close around 40 branches and lay off more than 400 workers.

Through the National Union of Bank Employees of Angola (SNEBA), employees expressed concern. According to the leader of SNEBA, Felipe Makengo, the institution he heads was notified of the problem and promises to monitor the progress of the process to ensure that it is carried out with fairness and transparency.

“The employer has not yet notified the union to be able to comment. Regarding the numbers that advance, it is really worrying. In any case, we appeal to workers who are affected to seek out the union for possible legal assistance”, appealed the union leader, highlighting that he will demand, from the institution, clarification on the real reasons behind the closure of the 40 branches and the resulting layoffs.

Chairman of BIC denounces ‘blockage’ in access to foreign exchange and threatens to send 400 employees home

Manager of the largest Angolan bank in terms of credit portfolio anticipates dark days for the bank's staff. As the bank no longer makes money from the sale of foreign currency, and, as a result, has lowered financial margins, the solution involves, for now, closing more than 40 branches, which should force the dismissal of four hundred bank professionals who It has baobab as its brand.

Jun 20, 2024 - 11:22
Chairman of BIC denounces ‘blockage’ in access to foreign exchange and threatens to send 400 employees home
© Photography by: DR
Chairman of BIC denounces ‘blockage’ in access to foreign exchange and threatens to send 400 employees home

A total of 400 Banco BIC workers are at risk of losing their jobs before the end of the year, due to a series of financial problems the institution is experiencing, particularly access to foreign exchange and management of maintenance of commercial infrastructures of the bank, Kieto Economy learned from administration sources.

This situation should also force the bank founded by Fernando Teles and Isabel dos Santos to close more than 40 branches, as, with the current treasury difficulties in foreign currency, which is compromising the bank's business with suppliers of various services contracted abroad, the bank is unable to keep this number of branches functional.

Before the surveys carried out by this newspaper, the bank's CEO, Hugo Teles, son of Fernando Teles, had also raised this possibility. Through RNA microphones, this Wednesday, Hugo Teles said that the banking institution plans to close 40 of the 230 branches.

“We thought about closing some branches, unfortunately. We are the only banking institution that has not yet closed branches and tried to maintain good salaries for employees, but we also need a certain amount of support to be able to continue working properly. But, unfortunately, this does not always happen”, pointed out the manager.

This picture reveals the bad period that almost all institutions are going through due to the exchange rate problems that Angola has once again faced.

Like BIC, BAI has already stated that, due to the currency crisis that is raging in the Angolan banking market, it was forced to cut the Visa card loading limit by more than half. BIC, due to the constraints, will opt to cut the working population.

According to Hugo Teles, banks nowadays, unfortunately, need currency to work, and only a few are buying it. “Institutions that most of the time don’t even have kwanzas to create these currencies. In other words, some banking institutions, because they do not have kwanzas to go in search of currency, resort to loans given by BIC. For that, they could sell them to us, but they don’t”, criticized Hugo Teles.

After the board of directors placed BIC's financial situation in the public domain and forced it to lay off more than 400 employees and close 40 agencies, complaints and concerns were not long in coming.

As a result, a group of employees are, since the announced measure, discouraged and surprised by the information provided by the administration that the institution will close around 40 branches and lay off more than 400 workers.

Through the National Union of Bank Employees of Angola (SNEBA), employees expressed concern. According to the leader of SNEBA, Felipe Makengo, the institution he heads was notified of the problem and promises to monitor the progress of the process to ensure that it is carried out with fairness and transparency.

“The employer has not yet notified the union to be able to comment. Regarding the numbers that advance, it is really worrying. In any case, we appeal to workers who are affected to seek out the union for possible legal assistance”, appealed the union leader, highlighting that he will demand, from the institution, clarification on the real reasons behind the closure of the 40 branches and the resulting layoffs.