BPN - Banco Português de Negócios

Type
Merger/Acquisition
Country
Portugal
Region
Continente;
Location of affected unit(s)
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
650 jobs
Number of planned job losses
Job loss
Announcement Date
2 July 2012
Employment effect (start)
2 July 2012
Foreseen end date
31 December 2012

Description

Parvalorem, the state-owned company established to manage the loan portfolio of BPN – Banco Português de Negócios, is to cut 350 jobs. According to the Banking Independent Trade Union (Sindicato Independente da Banca - SIB), Parvalorem will soon cease its operations. A new tender was accordingly launched in January 2013 for an external provider to take over its activities.

Only 30 workers will maintain their jobs. The  initial plan refers voluntary redundancies and the possibility of collective dismissals in case of the absence of an agreement. The company has 380 workers in total and was established after the sale of BPN to BIC.

For more information about the merge between BPN and BIC please see BPN - Banco Português de Negócios 2012.

Sources

  • 2 July 2012: RTP

Citation

Eurofound (2012), BPN - Banco Português de Negócios, Merger/Acquisition in Portugal, factsheet number 73863, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/73863.