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.
The bank specialised in mortgage loan, Crédit immobilier de France, has announced a reorganisation to reduce its network of agencies from currently 25 to 2 by the end of 2021. The bank, saved by the State with the agreement of the European Commission, must cease all its mortgage loan activities by 2035. The CIF will close 16 sites in 2017 (10 in September and 6 in December). Three other will be closed between 2019 and 2021. The sites and their employees will be mainly transferred to MCS Group, in the framework of a partnership, who is the leader in the acquisition and management of bank claims in France. However, in the framework of this reorganisation, an employment security plan has been signed with the unions to mitigate the impact on the 491 dismissed employees. This plan includes, external reemployment supports (paid redeployment leave of 12 to 15 months, assistance of specialised firms to help each employee to construct a new professional project...) as well as systematic research, on a very early stage, on each of the sites going to be closed, of partners likely to tender job offers.
Eurofound (2017), Crédit immobilier de France, Merger/Acquisition in France, factsheet number 91501, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/91501.