EMCC European Monitoring Centre on Change

Banco de Valencia

Company/Organisation:
Banco de Valencia

Geographic Location

Country: Spain

Company

Sector: Financial services
Financial and insurance activities
64.1 - Monetary intermediation
Number Employed: 2085
Group: Banco de Valencia

Employment Effects

Announcement Date: 28-09-2012
Planned Job Reductions min: 360
Planned Job Reductions max: 360
Type of Restructuring: Merger/Acquisition
Foreseen End Date: 31-03-2013
Direct Dismissals: 360

Additional Information

Banco de Valencia has applied for a Redundancy Procedure affecting 485 employees (23% of its entire workforce). The measure implies the closure of 70 branches.

Banco de Valencia was taken over by the state aid banking fund Frob in November 2011. Accordingly, it is 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.

UPDATE 12.11.12 - As agreed with the unions, the Redundancy Procedure will affect 360 employees instead of 495.