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.
The Spanish group CaixaBank acquired the bank Banco Português de Investimento (BPI). Following the acquistion, their are undergoing an internal restructuring set to make an estimated 400 people redundant through voluntary redundancy measures. The redundancies will mainly be executed through early retirement agreements (workers aged between 55 and 65 years) and termination of employment contracts under mutual agreement (workers aged under 55 years). As compensation the bank is offering 2.5 salaries for every year the redundant employee has worked at the institution. However, as BPI is not in a formal restructuring process, workers who accept the termination of contract will not be entitled to unemployment benefits. They will, however, maintain access to the SAMS, a private health subsystem for bank employees, as well as beneficial credit conditions they already have with the bank.
UPDATE, 20/07/2017: Although it was originally estimated that 400 people would be made redundant, BPI has now confirmed that 617 people will leave the bank by the end of 2018. Of the 617 people, 292 accepted early retirement agreements and 227 accepted voluntary termination agreements. In addition, 98 people had already agreed to leave the bank prior to the voluntary redundancy programme being enacted, but will do so under the same conditions as the others who are leaving the bank. It has been reported that 544 people will depart in 2017, while the remaining 73 will do so in 2018.
Eurofound (2017), BPI, Merger/Acquisition in Portugal, factsheet number 91312, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/91312.
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