Restructuring events
European Restructuring Monitor (ERM)
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.
Spanish bank, BBVA, announced the closure of 38 of its 81 branches in Portugal. Out of its 750 employees, 177 will leave the bank. The negotiations with the trade unions have already started. BBVA justified this restructuring with the need “to ensure the sustainability of the operation”. During the last three years, BBVA accumulated losses of €186 million. BBVA tried to sell its operation, but in the absence of good business opportunities, the bank has opted for the internal restructuring.
Eurofound (2014), BBVA, Closure in Portugal, factsheet number 77898, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/77898.