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.
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 launched in January 2013 for an external provider to take over its activities. Only 30 workers will maintain their jobs. The initial plan refers to voluntary redundancies and the possibility of collective dismissals in 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 merger between BPN and BIC see BPN - Banco Português de Negócios 2012.
Eurofound (2013), Parvalorem, Closure in Portugal, factsheet number 75397, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/75397.