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
650 jobs Number of planned job losses
Announcement Date
2 July 2012
Employment effect (start)
2 July 2012
Foreseen end date
31 December 2012
Description
Parvalorem, the state-owned company established to manage the loan portfolio of BPN – Banco Português de Negócios, is to cut 350 jobs. According to the Banking Independent Trade Union (Sindicato Independente da Banca - SIB), Parvalorem will soon cease its operations. A new tender was accordingly launched in January 2013 for an external provider to take over its activities.
Only 30 workers will maintain their jobs. The initial plan refers voluntary redundancies and the possibility of collective dismissals in case of the absence of an agreement. The company has 380 workers in total and was established after the sale of BPN to BIC.
Eurofound (2012), BPN - Banco Português de Negócios, Merger/Acquisition in Portugal, factsheet number 73863, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/73863.
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