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.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.19 - Other monetary intermediation
1,000 jobs Number of planned job losses
Announcement Date
24 May 2011
Employment effect (start)
Foreseen end date
Description
The saving banks Caja Sol, Caja Navarra, Caja Canarias, and Caja de Burgos have signed a merger agreement in order to handle the negative consequences of the financial crisis. The new saving bank created by the merger of these regional banks will be named Banca Cívica. The merger agreement envisages the implementation of a redundancy plan affecting 1,000 employees. The redundancies will be implemented through voluntary early retirement and will only affect workers older than 55 years. Currently, 995 workers have acctepted to join the scheme.
Sources
24 May 2011: Diario de Navarra
Citation
Eurofound (2011), Banca Cívica, Merger/Acquisition in Spain, factsheet number 72065, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72065.
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