Its high time for the Central Bank Of Kenya (CBK) to take cognizance of the wrong-doings by the management of Habib Bank AG Zurich in Kenya especially against its staff, well before Kenyan public trust bumps into another Imperial Bank-like fiasco.
This site, a few days ago, exposed a letter written to the Central Bank Of Kenya, demanding quick action against the top-level management of Habib Bank AG Zurich Kenya over detrimental HR policies hurting the staffers.
We have learnt that the Central Bank Of Kenya cartels, led by Patrick Njoroge never act on such scandals despite mountains of evidence and hints confirming immense rot and corporate governance malaise.
We had highlighted the discriminatory and derogatory HR practices at Habib Bank AG Zurich Kenya perpetrated by Noor Bagajo (Head HR) at the behest of Mohammed Ali Hussain (ex-CEO/Senior Advisor HBZ Kenya), Asim Basharullah (Acting CEO) and Arshad Mahmood (Area Manager).
The staffers have decried Forceful implementation of the group health insurance policy for in-patient services by deducting the premiums from their medical allowances limiting their outdoor medical coverage, Perpetuating a highly discriminatory and non-competitive remuneration, appraisal and benefits’ policy tilted towards near and dear ones only; subjecting rest of the staff to minimum bare, Use of abusive and derogatory language has been at large in the bank among other complaints
Reportedly there are other financial security breaches, consecutive customer frauds, secretive banking practices, and compliance issues going on in the bank.
The subsidiaries of HBZ have recently been fined heavily in South Africa, UK, and Pakistan by respective regulators. The bank some time back entered into a non-prosecution agreement with regard to any violations/non-compliance to US regulations/sanctions to facilitate out-of-court settlement world-wide.
Even then its US branch was wound-up after hefty fines were imposed by regulators. Further reportedly, the said bank was about to loose its licenses some years back in UK and Kenya as well.
