Type
Merger/Acquisition
Country
Spain
Region
Location of affected unit(s)
Sector
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64.1 - Monetary intermediation

1,254 jobs
Number of planned job losses
Job loss
Announcement Date
21 July 2006
Employment effect (start)
Foreseen end date

Description

On 4 July 2006 Banco Sabadell payed 762 million Euro to buy Banco Urquijo. The latter employed 800 people until now. Its main activity is to manage business assets. As a consequence of this operation 1254 jobs will be reduced, 190 of them belonging to Banco Urquijo. All of the 1254 job cuts will be preretirements, from age 53.


Sources

  • 21 July 2006: El País
  • 4 July 2006: El País
  • 4 July 2006: Expansión

Citation

Eurofound (2006), Banco Sabadell, Merger/Acquisition in Spain, factsheet number 63834, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/63834.