Standard Chartered Bank closes its Zim Branches

The Standard Chartered Bank (SCB) has closed 18 of its Zimbabwean branches leaving only three in operation, a move which has been attributed to the current economic melt down and slow demise of farming.

The three operating branches are Nelson Mandela Avenue, Newlands and Bulawayo branches.

SCB has not been opening accounts for the past three years and earlier this year, more than 100 employees were retrenched as a restructuring strategy.

Recent reports states that Standard Chartered Bank has had to outsource its Zimbabwean resources due to the the harsh economic environment, migrating to countries with economic stability.

According to their earlier notice, the head of human resources Audrey Mlambo said “The bank was migrating the country’s operations from Zimbabwe to centers in India, Malaysia and China to improve effectiveness and efficiency” said said.