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Zimbabwe-based First Capital Bank intends to lay off 120 employees

Zimbabwe-based First Capital Bank Ltd. is requesting approval from the country's labor court to lay off 120 employees, Bloomberg News reported, citing Peter Mutasa, president of the Zimbabwe Bank Allied Workers' Union.

"Of the 120, they have indicated that 89 are non-managerial," Mutasa said. He added that the union opposed the application as it believed the bank did not follow proper procedures.

First Capital Bank is majority-owned by Malawi-based FMBcapital Holdings Plc via its unit Afcarme Zimbabwe Holdings (Pvt.) Ltd.