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.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
124 - 134 jobs Number of planned job losses
Announcement Date
19 February 2015
Employment effect (start)
22 February 2015
Foreseen end date
22 March 2015
Description
Hungarian financial services group, OTP, has announced its plan to cut 134 jobs in its Croatian unit. The need to restructure follows a successful acquisition of Banco Popolare Croatia (BPC) late 2014, resulting in a surplus of administrative staff. OTP Banka stated that the lay- offs will be evenly spread across the two banks. The merger has led to an 11% increase in staff, as OTP Banka now employs 1125 employees. It now operates 112 branch offices and 252 ATMs across the country.
The OTP Group is one of the largest independent financial services providers in Central and Eastern Europe with a broad range of banking services for private individuals and corporate clients. OTP Group comprise subsidiaries, granting services in the field of insurance, real estate, factoring, leasing and asset management, investment and pension funds.
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Sources
19 February 2015: Poslovni.hr
19 February 2015: Seenews
Citation
Eurofound (2015), OTP Bank, Merger/Acquisition in Croatia, factsheet number 78452, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/78452.
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