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.