Noor Bank has allegedly made dozens of redundancies at its branches this week, with up to 200 redundancies in total planned, according to media reports.
Noor Bank has issued a statement saying that these redundancies are part of its restructuring programme to improve efficiency.
“As a dynamic organisation and in line with global best practices, Noor Bank constantly reviews its operating model to ensure alignment with the Bank’s objectives as well as local market conditions.
The Bank has seen significant growth over the past few years, and following a robust evaluation, believes that now is the time to streamline its functions and align to a new operating model. This will enable the organisation to run in an efficient and leaner manner, in turn creating capacity to invest in new initiatives and achieve sustainable growth,” read the statement from the Bank.
“As part of this process, every effort has been made to re-allocate talented staff members to different roles.
Regrettably the Bank will part ways with some staff. The Bank will be providing assistance beyond what is legally stipulated and will support people looking for alternative opportunities through a structured outplacement service.”
Noor Bank was launched in 2008, with the shareholders and the Board of Directors selected and nominated by the Government of Dubai. The Government of Dubai, members of the Ruling Family of Dubai and a select group of nominated shareholders own 87.8% of the Bank’s shares in aggregate.
