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.
BNP Paribas, a global banking group headquartered in Paris, is to close its branches in Greece, leaving 100 people redundant. This is due to the great uncertainty in liquidity and solvency of the Greek banking system, according to the official press release of the French bank in mid-November.
From 23 January 2012, only shipping and off-shore divisions of the bank will remain operative in the country. BNP Paribas results for the first nine months of 2011 report a 72% reduction in profits. The bank made losses of € 2.4 billion in the Greek debt haircut.
The Greek Federation of Bank Employees' Unions, which has sought help from the French Embassy in Athens and the European union of bank employees UNI Europa, opposes BNP Paribas' withdrawal from Greece.
BNP Paribas has been present in Greece since 1981.
Eurofound (2011), BNP Paribas Greece, Closure in Greece, factsheet number 72888, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72888.
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