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 digital bank Express Bank has announced that it will close its activities in Denmark, Norway and Sweden.
So far, the company stated that about 220 jobs will be cut in Denmark. The company has informed employees about the process of the closure and layoffs. The conditions of the programme will be negotiated with employee representatives according to local regulations. The background of the decision are worsening financial results and a loss of profitability.
Created in 1987, Express Bank is owned by French BNP Paribas. The bank mainly offers loans to private customers. The bank employs about 250 staff members in Denmark, Norway and Sweden. The restructuring event in Denmark has been recorded in the ERM events database Express Bank-2024-DK.
Eurofound (2024), Express Bank, Closure in World, factsheet number 200746, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200746.