Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Piraeus bank Group launched a voluntary redundancy plan for 1,800 to 2,000 employees in Greece. The plan refers to employees of the Piraeus bank and all its subsidiaries: Agricultural Bank (ATEbank), Geniki Bank, Bank of Cyprus, Cyprus Popular Bank, Hellenic Bank and Millennium Bank Greece (MBG).
The programme envisages compensations depending on the tenure, age, monthly wages and other criteria. The call will be open till 2 September 2013 and entails a bipartite agreement between the employer and each employee for the termination of the employment contract.
As announced, the restructuring is due to the continuing bad economic conditions and the recent take overs of the smaller banks. Pireaus bank is the second largest one in Greece and completed a recapitalisation the previous month in order to restore its solvency.
The redundancies will start taking place after September 2013.
Updated 10-09-2013
As announced, the final voluntary redundancy plan refers to 2,182 people, almost 12% of the total group's workforce in Greece.
Eurofound (2013), Piraeus Bank Group, Internal restructuring in Greece, factsheet number 75693, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/75693.