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Mon 30 Mar 2020 03:20 PM

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ADCB Group vows no redundancies despite Covid-19 pressures

Chairman Khaldoon Al Mubarak said group is 'expressing solidarity' with employees

ADCB Group vows no redundancies despite Covid-19 pressures

ADCB has vowed that there will be no job losses this year throughout the coronavirus crisis. Image: Getty Images

Abu Dhabi Commercial Bank (ADCB) Group, which includes Al Hilal Bank, has vowed that there will be no coronavirus-related redundancies during 2020.

Last week, it was revealed that ADCB was one of three banks in the UAE capital, including First Abu Dhabi Bank and Abu Dhabi Islamic Bank, to have collectively announced a package of 17 financial incentives to support people and businesses in the emirate amid the ongoing Covid-19 pandemic.

On Monday, ADCB turned its attentions to its staff with a promise that nobody would lose their job, despite the economic uncertainty caused by coronavirus and the crash in oil prices.

Khaldoon Al Mubarak, chairman of ADCB Group, said: "The banking sector plays an important role in ensuring UAE residents and businesses are supported in these challenging times and ADCB Group recognises the importance of expressing solidarity with our employees and their families as they carry out their roles in this challenging period."

The bank said it will continue to implement initiatives “to drive greater efficiency and protect the value of our businesses”.

The ‘Middle East: Coronavirus: implications for MENA businesses and their leaders’ survey from The Economist Corporate Network, revealed almost a quarter (24 percent) of respondents said that their business is already making redundancies, and 20 percent said they have been forced to take unpaid leave as a result of business disruption caused by the coronavirus.

Almost three in 10 (28 percent) of regional businesses are currently enforcing paid leave.

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