Swabou staff to take on FNB

FORMER staff members of Swabou, which merged with First National Bank of Namibia, are taking the new holdings company to the Labour Court today.

The 89 claim that the new company “unilaterally” changed the terms of their employment. They also claim that the number of years they worked for Swabou now counted for nothing and that the new management refused to take this into consideration when they apply for leave and other benefits.Approached for comment, FNB’s Head of Strategic Marketing and Communications, Albertus Aochamub, said yesterday that the bank was aware of the legal action and would defend its position.President of the Namibia Financial Institutions Union (Nafinu) Alex Kamaundju confirmed that his union would act on behalf of the workers.The workers had a final meeting with their union over the weekend.They will be represented by lawyers PF Koep and Co.FirstRand has the lion’s share in the new holding company that became a legal entity in July this year.The deal saw FirstRand take control of 55 per cent of the shares.Nafinu was opposed to the merger fearing job losses, SA dominance and the formation of a monopoly.Kamaundju said the case was likely to be postponed today.According to him, some employees still had to be given official job contracts while others had been demoted.”We are looking for relief from the courts because all other attempts to get an audience with the company (FNB) have failed.No one is prepared to talk to us.In fact, they claim that we do not represent the workers,” said Kamaundju.National Union of Namibian Workers (NUNW) President Risto Kapenda had claimed earlier the merger was “the worst sell-out exercise since [Namibia’s] Independence”.Swabou and FNB said they did not see the merger as impinging on Namibia’s financial sovereignty.Kapenda charged that the FNB-Swabou merger would inevitably put more local wealth in the hands of South Africans.The merger created Namibia’s biggest financial services group, with total assets of close to R6 billion.FNB Namibia was established in 1988 and listed on the Namibian Stock Exchange in 1997.Swabou was formed in 1979.They also claim that the number of years they worked for Swabou now counted for nothing and that the new management refused to take this into consideration when they apply for leave and other benefits.Approached for comment, FNB’s Head of Strategic Marketing and Communications, Albertus Aochamub, said yesterday that the bank was aware of the legal action and would defend its position.President of the Namibia Financial Institutions Union (Nafinu) Alex Kamaundju confirmed that his union would act on behalf of the workers.The workers had a final meeting with their union over the weekend.They will be represented by lawyers PF Koep and Co.FirstRand has the lion’s share in the new holding company that became a legal entity in July this year.The deal saw FirstRand take control of 55 per cent of the shares.Nafinu was opposed to the merger fearing job losses, SA dominance and the formation of a monopoly.Kamaundju said the case was likely to be postponed today.According to him, some employees still had to be given official job contracts while others had been demoted.”We are looking for relief from the courts because all other attempts to get an audience with the company (FNB) have failed.No one is prepared to talk to us.In fact, they claim that we do not represent the workers,” said Kamaundju.National Union of Namibian Workers (NUNW) President Risto Kapenda had claimed earlier the merger was “the worst sell-out exercise since [Namibia’s] Independence”.Swabou and FNB said they did not see the merger as impinging on Namibia’s financial sovereignty.Kapenda charged that the FNB-Swabou merger would inevitably put more local wealth in the hands of South Africans.The merger created Namibia’s biggest financial services group, with total assets of close to R6 billion.FNB Namibia was established in 1988 and listed on the Namibian Stock Exchange in 1997.Swabou was formed in 1979.