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 64.92 - Other credit granting
114 jobs Number of planned job losses
Announcement Date
29 October 2019
Employment effect (start)
Foreseen end date
30 June 2020
Description
EVO Finance, financial firm property of Apollo Global Management and former subsidiary of EVO Banco, has announced to workers' representatives the company closure, affecting its 114 workers. Specifically, 71 employees will be dismissed soon while the rest will be working up to June 30, 2020. This announcement comes after Bankinter bought Smart Holdco in September 2018, owner of EVO Bank. In the operation, the purchase of EVO Finance was excluded, depending exclusively of Apollo Global Management. Unions criticize the lack of information of company sale processes during last months and consider that there have been insufficient efforts for the sale to maintain employment.
Eurofound (2019), EVO Finance, Merger/Acquisition in Spain, factsheet number 99005, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/99005.
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