The Eurobic/Abanca will proceed with the closure of 24 branches and aims to reach mutual termination agreements with 60 employees due to “geographic overlap,” according to statements made by unions following a meeting today.
This information was disclosed by three banking sector unions associated with UGT — Mais Sindicato, Sindicato dos Trabalhadores do Setor Financeiro de Portugal (SBN), and Sindicato Nacional dos Trabalhadores da Banca, Seguros e Tecnologias (SBC) — following a meeting held on Monday.
During the meeting, the bank communicated that after mapping its commercial area, it “decided to close 24 branches due to their geographic overlap with others.”
The institution, following Eurobic’s acquisition by the Spanish bank Abanca, stated to the unions that the goal is to terminate 60 employees, with 10 positions available for early retirement.
To achieve this, the bank plans to implement a program for mutual termination agreements and early retirements, in which all interested employees in the commercial area can voluntarily participate. Preference will be given to those assigned to the branches set to close.
Interested employees must communicate their interest to the company’s Human Relations department by the 19th of this month.
In the case of mutual termination, employees may receive unemployment benefits, compensation equivalent to 1.5 months’ salary per year of service, maintenance of current loan conditions, 12 months of health insurance, and support in finding new employment.
For early retirements, applicable to employees aged 60 or older by December 31, 2025, a work suspension is provided until the legal retirement age, with 60% salary and maintenance of current credit conditions.
In response to these proposals, unions advise their members to “carefully analyze their future options” and consult their union’s legal services before signing any documents.
Lusa has contacted Eurobic/Abanca and is awaiting a response.
Abanca completed the acquisition of EuroBic in July last year, making the group the seventh-largest banking entity in Portugal.
The transaction concluded eight months after the purchase agreement was signed by both parties, following approvals from the regulators, the Competition Authority, and the European Central Bank.
Earlier this year, on January 28, Lusa inquired with Abanca about potential staff reductions in Portugal.
“It is not planned,” an official source stated on the day the Spanish group Abanca presented its 2024 financial results in Santiago de Compostela (Galicia, Spain).
According to data from the Portuguese Banking Association (APB), in June 2024, EuroBic had 1,430 employees, and Abanca had 401.
