Isin: ZAE000030060
Share code: ABL
African Bank Review Process
African Bank Investments Limited (Abil) today provided an update on the
restructuring process taking place in its largest subsidiary, African Bank
Limited, further to its announcement of 2 October 2001 that it expected to
reduce costs substantially throughout the bank by reassigning certain
functions and processes to regional management teams. The process has, to
date, resulted in a reduction of 253 permanent positions.
The group said that it was now launching the next phase of the review
process and would be re-evaluating each of the business units throughout the
bank. Further expected cost savings in this latest phase have already been
factored into the total cost reduction anticipated in the October 2001
announcement.
"In the last phase of our restructuring process, we mainly reviewed the
Midrand Support centre and assigned certain non-strategic functions to the
regional teams, " said Leon Kirkinis, Abil's CEO. " The next phase of the
process involves us taking a close look at how those functions are
performing, at whether we have excess capacity in those structures, and at
where further efficiencies can be found."
Sponsor: Deutsche Securities (SA) (Pty) Ltd
Date: 05/03/2002 09:04:00 AM Produced by the JSE SENS Department
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