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
1,350 jobs Number of planned job losses
Announcement Date
13 December 2006
Employment effect (start)
1 January 2007
Foreseen end date
1 January 2010
Description
The Banco Popolare di Verona-Novara (Bpvn) e Banca Popolare Italiana (Bpi) are two important credit institutes headquartered in the North of the country.
On 13 December 2006, the boards of directors of Banca Popolare Italiana and Banco Popolare di Verona e Novara approved the plan to merge the two banks, which includes establishment of a new banking company in the form of a cooperative company. The name of the new credit institute will be Banco Popolare. It will have its registered office in Verona with administrative head offices in Lodi and Verona and stable organisation also in Novara. The Banco Popolare will focus its business on savings and loans, in its various forms, paying special attention to the territory where its subsidiary banks operate and where the group has its branch network.
The credit institute generated by the merger will have around 21,000 employees and will be ranked third in Italy by number of branches (nearly 2,200), with more than 3 million customers, mainly families and small and medium sized businesses in Northern Italy.
The reorganisation plan envisages a reduction of personnel costs, with the shading of 1,350 jobs between 2007 and 2010. The plan regards that around 840 redundant workers will benefit from economic incentives for voluntary resignation, whereas 510 redundancies should result from lower job turnover.
Sources
14 December 2006: Il Sole 24 Ore
Citation
Eurofound (2006), Banco Popolare, Merger/Acquisition in Italy, factsheet number 64614, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/64614.
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