Banco de Valencia to shut nine in 10 branches and axe 890 jobs
Banco de Valencia to shut nine in 10 branches and axe 890 jobs
BANCO de Valencia is about to close 90 per cent of its branches in compliance with terms laid down by the European Commission.
The ailing financial institution, which has been bailed out by the Ordered Bank Restructuring Fund (FROB), will shortly be bought for a euro by CaixaBank.
It has notified 890 of its 1,615 members of staff that they will be made redundant by the middle of February, and then will shut nine in 10 of its 350 branch offices.
Most of those affected by the closure are outside the Valencia region.
The bank has offered preferential early retirement terms to as many employees aged 50 and over as possible, to cut down on the number of people it leaves propping up the dole queue.
It has until December this year to complete the shut-down process.
