Lisbon, Sept. 16, 2025 (Lusa) - Portugal's Eurobic bank, recently bought by Spain's Abanca, will proceed with the closure of 24 branches in Portugal and hopes to reach agreements for mutually agreed terminations with 60 employees due to "geographical overlap," unions said on Tuesday after a meeting.
The intention was announced today by the three banking sector unions affiliated to the UGT - Mais Sindicato, Sindicato dos Trabalhadores do Setor Financeiro de Portugal (SBN) and Sindicato Nacional dos Trabalhadores da Banca, Seguros e Tecnologias (SBC) - and comes after a meeting held on Monday.
At the meeting, the bank announced that after mapping its commercial area, it had "decided to close 24 branches due to their geographical overlap with others".
The institution, which resulted from the purchase of Eurobic by Spain's Abanca, also told the unions that the aim is to make 60 workers redundant, with 10 places available for early retirement.
To this end, the bank is expected to move forward with a programme of mutually agreed redundancies and early retirement, for which all commercial area employees interested in leaving the group can voluntarily apply, "with preference given to those allocated to the branches to be closed".
Interested employees should communicate their interest to the company's Human Resources department by the 19th of this month.
In the event of termination by mutual agreement, employees will be eligible for unemployment benefit, compensation corresponding to 1.5 salaries for each year of service, maintenance of existing credit conditions, health insurance for 12 months and support in finding new employment.
In the case of early retirement - applicable to employees aged 60 or over on 31 December 2025 - a suspension of work until the legal retirement age is granted, with 60% of the salary and the maintenance of current credit contract conditions.
In view of these proposals, the unions are advising their members to "carefully analyse their options for the future" and to consult their union's legal services before signing any documents.
Lusa questioned Eurobic/Abanca and is awaiting a response.
Abanca completed the purchase of EuroBic in July last year, with the group becoming the seventh largest banking entity in Portugal as a result of this acquisition.
The transaction was completed eight months after the purchase and sale agreement was signed by both parties and after approvals were received from the regulators, the Competition Authority and the European Central Bank.
Earlier this year, on 28 January, Lusa questioned Abanca about a possible reduction in the number of employees in Portugal.
"There are no plans to do so," said an official source on the day the Spanish group Abanca presented its 2024 accounts 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 employees.
JO/AYLS // AYLS
Lusa
