Friday, September 30, 2016

If the New Bank is not sold this year, leaving more than 500 workers – TVI24

the Government has promised to the European Commission has been selling the New Bank until August 2017, or is, there are still ten months ahead. That does not prevent Brussels to make three demands that the institution will comply if it is not sold already by the end of this year 2016. And one of them is the output of more than 500 employees of the New Bank, to join the thousand employees that have already been dispensed.

in This scenario, you will still be bound to a greater effort of reduction of costs and the closure of counters.

The accounting financial made by Brussels: the value of the cuts will have to spend 150 million euros to 250 million; and instead of closing the agencies to stay with a total of 550 branches, the target goes to the 450.

Though only now being made public, these goals are not new. Were decided by the European Commission in December 2015 and the restructuring plan that the directors of the New Bank is in course already provides a part of them.

The only penalty that was not on the agenda is the closing of a hundred counters. Of the rest, the team led by António Ramalho already assumed that wants to exceed the € 150 million in cuts set for this year.

The sale of the business already announced and others still in negotiation, as well as the natural departures of employees, should ensure that the goal of reduçãode more than 500 workers until 31 December.

The sale process is ongoing and already the second attempt, after the first have failed. The efforts may, however, be more committed if the BPI get out of the race. It is one of the interested parties, but the CaixaBank – which launched a TAKEOVER bid on the entire capital – seems to be not to there face.

The deadline for the sale to be completed is August of 2017. If you do not come to happen, the institution be liquidated.


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