Type
Internal restructuring
Country
Hungary
Region
Location of affected unit(s)
NA
Sector
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64.91 - Financial leasing

50 jobs
Number of planned job losses
Job loss
Announcement Date
4 November 2008
Employment effect (start)
4 November 2008
Foreseen end date

Description

Merkantil Bank, one of the market leaders in car financing in Hungary, is to lay off 50 workers. Merkantil Bank is in the ownership of OTP Bank group and offers HUF and foreign currency loans for individuals, enterprises and municipalities for financing the purchase of new and used vehicles, and provides car dealers with a wide range of financial services. The PR department of OTP confirmed the restructuring plan is an attempt to ensure efficiency and save costs.


Sources

  • 19 December 2008: hrpotal.hu
  • 4 November 2008: index.hu

Citation

Eurofound (2008), Merkantil Bank, Internal restructuring in Hungary, factsheet number 67727, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67727.