BPI. Rescissions friendly and lay-off in the IPO can reach the thousand employees – Cash

The Caixabank admits the reduction of staff in BIS to achieve the synergies are estimated with the TAKEOVER bid on the bank led by Fernando Ulrich, whose board of directors today approved the operation, although it has assessed the bank above the value of the IPO.

THE BPI estimates that it is necessary to cut a thousand workers to be able to the estimated value of synergies, in conjunction with the operation costs. The number of workers was already referred to in a document published on the voluntary TAKEOVER bid in April and has not been confirmed by Caixabank. In a meeting with Portuguese journalists in Barcelona, the president of the bank Catalan, Gonzalo Gortázar stated that this number was not of Caixabank and that there was not yet any estimate.

"The reduction of personnel expenses derived from any restructuring, labour would be performed by the Offeror with strict observance of parameters of social and have been observed by the Offeror in similar procedures, giving priority to early retirement and lay-offs encouraged," reads the document that approves the TAKEOVER bid, published in CMVM, on the part relating to the offeror’s intentions with regard to the number of employees of the BPI and the conditions of their employment.

The same point says that "after the completion of the Offer, the offeree Company will benefit from a close collaboration with the Offeror. It is expected that this fact will translate into benefits for the stakeholders, including shareholders, employees and customers of the Offeror/offeree Company".

For the BIS, "the value of the synergies referred to by the Offeror in conjunction with the restructuring costs announced is compatible with an output of close to 1 000 persons".

"in this regard, the Board of Directors considers to be useful to recall that, since 2008, the BPI reduced the number of its employees by 7 to 767 in 2008 to 5 757 in September 2016 (-2 010 Employees, which corresponds to 26%). In addition, it is anticipated that the number of Employees of domestic activity, would rise to 5 to 515 in December of 2016 (a – 2 252, which corresponds to -29%)."