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 - Financial service activities, except insurance and pension funding
830 jobs Number of planned job losses
Announcement Date
31 July 2011
Employment effect (start)
Foreseen end date
Description
Banco Português de Negócios (BPN) has been sold to Angolan bank (BIC) for 40 million euro. Out of the 1,580 workers employed by BPN, 830 will lose their job. The redundancy compensation will be paid directly by the Portuguese State.
The sale of BPN is one of the measures included in the Memorandum of Understanding signed in May 2011 between the Portugal government and the International Monetary Fund, the European Commission and the European Central Bank.
Sources
31 July 2011: Diário Económico
31 July 2011: agencia Financeira
Citation
Eurofound (2011), Banco Português de Negócios, Merger/Acquisition in Portugal, factsheet number 72262, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72262.
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