Economy & Politics

Social plan signed at Öhman Bank

If the customers of the Swedish bank had been bought by the VP Bank, two thirds of the staff suffered the departure of the establishment of the Place. 17 of the 28 employees will be made redundant “by the end of the year”, the unions indicate on Monday

If the customers of the Swedish bank had been bought by the VP Bank, two thirds of the staff suffered the departure of the establishment of the Place. 17 of the 28 employees will be made redundant “by the end of the year”, the unions indicate on Monday

(Jmh) – Bad news on the Place. After the definitive closure of Schwäbisch Hall and a restructuring at Kneip, it is Öhman Bank’s turn to rethink its strategy and formalize its cessation of activity in Luxembourg. Mentioned in early July, the social plan under discussion was signed on July 31, Aleba, OGBL and LCGB said on Monday. 17 of the 28 employees of the Swedish bank are affected.

In a joint statement, the three unions indicate that the negotiations made it possible to reach an agreement including “acceptable financial compensation for termination of contract, as well as compensation based on social criteria”. Rarely, they also indicate that the exchanges carried out “took place calmly and constructively”, in the face of a management described as having “shown correctness”.

As a reminder, this departure from the Swedish bank fits into a broader context of departures from Scandinavian establishments, since Öhman Bank is following the example adopted by Nordea Bank and Banque Carnegie Luxembourg. Specializing in the management of high net worth clients, the bank had transferred this activity to VP Bank, originally from Liechtenstein. The transaction includes the takeover of a team of client advisers of 11 employees as well as assets for approximately 760 million euros. The transaction is expected to be completed by January 1, 2021.


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