Novagalicia Banco

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
930 - 2,508 jobs
Number of planned job losses
Job loss
Announcement Date
4 January 2013
Employment effect (start)
1 January 2013
Foreseen end date
31 December 2017

Description

Novagalicia Banco has proposed a Redundancy Procedure affecting 930 employees in 2013. In addition, according to the restructuring plan, 1578 more workers will be made redundant by 2017. Furthermore, 327 branches will have been closed by 2015.

Novagalicia is a financial conglomerate formed in 2011, merging the operations of 2 regional savings banks, Caixanova and Caixa Galicia. In the same year it was taken over by the state-aid banking fund Frob, thus being nationalized. 

Sources

  • 4 January 2013: Cinco Días

Citation

Eurofound (2013), Novagalicia Banco, Merger/Acquisition in Spain, factsheet number 74776, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74776.