April 16, 2018 / 7:10 PM / 3 months ago

BRIEF-Creval Closure Of 50 Branches By Next May 27

Banca Piccolo Credito Valtellinese SpA:

* CLOSURE OF 50 BRANCHES BY NEXT MAY 27

* AGREEMENT ENVISAGES AN EARLY RETIREMENT PLAN FOR 170 EMPLOYEES WHO WILL FULFIL PENSION REQUIREMENTS NO LATER THAN 31 DECEMBER 2024

* INITIATIVES AIMED AT REDUCING COSTS CONTINUE IN LINE WITH TARGETS SET IN 2018-2010 BUSINESS PLAN

* AGREEMENT WAS WITH TRADE UNIONS FOR MANAGING REDUNDANCIES, THROUGH USE OF SOLIDARITY FUND FOR CREDIT SECTOR FOR 170 PEOPLE

* INTERESTED EMPLOYEES MAY ACCESS, ON A VOLUNTARY BASIS, EXTRAORDINARY BENEFITS OF SOLIDARITY FUND FOR CREDIT SECTOR, STARTING FROM 1 JULY 2018

* TOTAL NO OF EMPLOYEES WILL BE 3.730 AT 2018 YEAR END, IN LINE WITH TARGET OF BUSINESS PLAN WITH CUMULATED STAFF REDUCTION OF 767 EMPLOYEES

* AGREEMENT WILL ALLOW SAVINGS ON PERSONNEL EXPENSES FOR ABOUT 7.5 MILLION EUROS IN 2018 AND FOR 15 MILLION EUROS ON ANNUAL BASIS STARTING FROM 2019

* ONE-OFF COSTS FOR IMPLEMENTING THE LAYOFFS SCHEME AND RETIREMENT INCENTIVES ESTIMATED AT APPROXIMATELY 61 MILLION EUROS

* AGREEMENT ENVISAGES MEASURES IN TERMS OF WORK-LIFE BALANCE AND GRANT FURTHER SAVINGS WITH ADDITIONAL SAVINGS AT REGIME OF AROUND EUR 13 MILLION Source text for Eikon: Further company coverage:

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