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.
Banif, Portuguese international financial services group, has announced the collective dismissal of 300 workers and the closure of 40 branches in an effort to recapitalize the bank. The restructuring is expected to be implemented within the next three months.
The affected workers have already been informed about the redundancies in emergency meetings and the termination of the contracts was negotiated and signed. Redundancies will be implemented by mutual agreements and by early retirements. According to a Banif source, the compensations proposed by Banif exceed the values foreseen by national law, in an effort to reach a quick agreement and to protect the workers with a lower income. Other parts of the redundancy package include favorable housing loans, special credit lines for those that decide on self-employment as well as training activities.
The Trade Union confirmed this information.
Eurofound (2012), Banif, Closure in Portugal, factsheet number 73899, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/73899.
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