ING Bank staff demand job safety post merger, to strike on January 7
Source: DNA India
Employee unions of ING Vysya Bank on Sunday demanded safeguarding of their interests post-merger with Kotak Bank and threatened to go on strike on January 7, the day on which the Bengaluru-headquartered lender will seek shareholders' nod to approve the Rs 15,000-crore merger deal.
To ensure that interests of all the stakeholders are 'protected', S A Sridhar from the ING Vysya Bank officers' association said a "tri-partite agreement" between Kotak Mahindra Bank (KMB), ING Vysya Bank, and employees and officers, be signed which will lay out all points in detail.
The All India ING Vysya Bank Employees Union and All India ING Vysya Bank Officiers Association, which together represent 35% of the Bangalore-headquartered lender's over 10,000 employees as members, however, said they are not opposing the merger but want their interests to be protected. "We have an apprehension as the new management at KMB does not have an Union and believes in outsourcing its work. What will be the fate of our employees after the merger?" Ramkrishna Reddy, general secretary of the employees union told reporters here.
Snip: In a note earlier this month, foreign brokerage Morgan Stanley had said the unions may have apprehensions regarding the merger and had spelt it as a key issue to watch out for.
FULL story at link.
spelt
BRITISH
past and past participle of spell.
Read more: http://www.dnaindia.com/money/report-ing-bank-staff-demand-job-safety-post-merger-to-strike-on-january-7-2047675
When I started my 457B retirement account 17 years ago it was with Aetna. That got sold to ING because ING wanted to start a bank system in the USA. ING found US regulations to restrictive. So ING sold to Voya. India must not have many consumer protections from banks!
= new reply since forum marked as read
