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
75 jobs Number of planned job losses
Announcement Date
9 August 2006
Employment effect (start)
1 August 2006
Foreseen end date
31 December 2008
Description
On 9 August 2006 the German banking company Allgemeine Hypothekenbank Rheinboden (AHBR), a specialist of residential and commercial real estate projects, announced its plans to cut a third of its staff until the end of 2008. This means the cut of about 75 jobs out of a current 225. Most of the jobs will be shed in 2006. Even though AHBR is located in Frankfurt, other units may be affected too. In 2005, AHBR, a former subsidiary of the German holding BGAG, was acquired by US-based private equity investor Lone Star. The job cuts follow a decision by Lone Star to concentrate AHBR's business on commercial real estate projects.
Sources
10 August 2006: Financial Times Deutschland
Citation
Eurofound (2006), AHBR Allgemeine Hypothekenbank Rheinboden, Merger/Acquisition in Germany, factsheet number 63899, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/63899.
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