Union calls for severance hike in TBank-TMB mergerThanachart Bank's (TBank) labour union expects 4,000-5,000 jobs will be cut after the bank consolidates with TMB Bank, calling for both banks to offer higher severance payments than are legally required for those to be laid off. After the planned merger is completed, overlapping branches and jobs are expected to be axed, with employee downsizing unavoidable, said SupachaiPatrapisudtana, head of TBank'slabour union. If redundancy is needed, the labour union would like both banks to pay a higher severance amount than is required by law to allow those laid off to live a more comfortable life, said Mr Supachai. The new entity will be the sixth-biggest bank after Bank of Ayudhya, with an asset size of 2.1 trillion baht. Due diligence for the merger of TMB and TBank is almost complete, marking a step towards the formation of a single bank expected to provide financial services by December.

Source: Bangkok Post July 19, 2019 09:07 UTC