Banco de Valencia

Type
Merger/Acquisition
Country
Spain
Region
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
890 jobs
Number of planned job losses
Job loss
Announcement Date
7 January 2013
Employment effect (start)
7 January 2013
Foreseen end date

Description

Banco de Valencia announced plans to launch a Redundancy Procedure affecting 890 employees (50% of its entire workforce). This will be the second Redundancy Procedure in several months, the previous one resulting in 360 employees being made redundant (see here).

According to the union UGT, the Redundancy Procedure is a mandatory element of the take-over process of Banco de Valencia by the bank La Caixa.

Banco de Valencia was taken over by the state-aid banking fund Frob in November 2011. Accordingly, it has to comply with sector regulations as well as with the conditions of the Memorandum of Understanding signed between the Eurogroup and Spain in July 2012.

Sources

  • 7 January 2013: Expansión

Citation

Eurofound (2013), Banco de Valencia, Merger/Acquisition in Spain, factsheet number 74775, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74775.