Caixa Catalunya Tarragona Manresa

Type
Merger/Acquisition
Country
Spain
Region
Este; Cataluña; Barcelona
Location of affected unit(s)
Barcelona
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
1,300 jobs
Number of planned job losses
Job loss
Announcement Date
13 March 2010
Employment effect (start)
1 July 2010
Foreseen end date
31 December 2010

Description

1,300 jobs are to be lost as part of a merger of the Caixa Catalunya, Caixa Tarragona and Caixa Manresa  savings banks. According to the labour plan agreed with the unions, the cuts will be made through early retirements and voluntary departures.

The new entity, expected to be operational in June, will be the fourth largest savings bank in Spain in consolidated assets (81,020 million euro), customer credits (62,088 million) and managed customer resources (70,009 million), and it will have a network of 1,215 offices.

Sources

Citation

Eurofound (2010), Caixa Catalunya Tarragona Manresa, Merger/Acquisition in Spain, factsheet number 70438, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/70438.