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.
Spanish bank Banco Mare Nostrum (BMN) plans to dismiss 867 employees. The number of branches will be reduced by 107. A timeframe for the restructuring is yet to be confirmed, but it is expected to be implemented in the first half of 2013.
The agency Oliver Wyman estimated in a study completed a few months ago that the bank could need up to €2,208 million bail-out. Bearing in mind these estimations, banking authorities have asked the bank to present a viability plan. This plan includes the dismissal of 867 employees and the closure of 107 branches. It is reported that the bank will be partly nationalized and the restructuring is a key prerequisite in order to secure state funding.
BMN is a financial conglomerate formed in 2010, merging the operations of four regional savings banks; Caja Granada, Caixa Penedés, Sa Nostra and Caja Murcia. This is the third restructuring in the last few years. The group is also negotiating with Banco Sabadell the aquisition of Caixa Penedés and its activities.
Update, 29 May 2013: The bank has agreed with the unions to apply for a collective redundancy which will finally affect 900 employees. 520 job cuts will be implemented by means of voluntary departures and early retirement for those over 50. Following the agreement, BMN's staff decided to cancel the strike planned for 30 May 2013.
Eurofound (2013), BMN Banco Mare Nostrum, Internal restructuring in Spain, factsheet number 74741, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74741.