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.
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.
Eurofound (2011), Banco Português de Negócios, Merger/Acquisition in Portugal, factsheet number 72262, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72262.