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 64.19 - Other monetary intermediation
200 jobs Number of planned job losses
Announcement Date
10 July 2017
Employment effect (start)
5 December 2017
Foreseen end date
31 December 2020
Description
On December 5, Banque Populaire de l'Ouest (BPO) and the Banque Populaire Atlantique will approve the merger of the two banks and the 75 agencies of the Crédit Maritime. The merger leads to the creation of a new group called “Banque Populaire Grand Ouest” with 3,400 employees. The management expects 200 job reductions through a voluntary departure plan. The group will cover 12 departments in the Greater West, in cities like Rennes, Nantes, Brest or Le Mans. According to the CEO, this merger is not linked to a financial problem and the two banks are doing well. The management believes that once merged and given the economies of scale, they will be able to increase the operating income by 25% in three years. Most of the teams will remain in their current sites, but will have to take on new functions. About 400 people will change jobs.
Sources
10 July 2017: Les Echos
24 March 2017: Ouest-France
Citation
Eurofound (2017), Banque Populaire Grand Ouest, Merger/Acquisition in France, factsheet number 91489, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/91489.
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