Banco Bilbao Vizcaya Argentaria SA HR Agreement on the collective layoff (2342B)
09 Junio 2021 - 01:00AM
UK Regulatory
TIDMBVA
RNS Number : 2342B
Banco Bilbao Vizcaya Argentaria SA
08 June 2021
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), in compliance with
the Securities Market legislation, hereby communicates the
following:
INSIDE INFORMATION
Today, BBVA reached an agreement with the union representatives
on the collective layoff process for BBVA in Spain initiated in
April, that will affect 2,935 employees. The agreement also
includes the closing of 480 branches.
The cost of the process is estimated at 960 million euros before
taxes, of which 720 correspond to the collective layoff and 240 to
the closing of branches. This cost will be recorded during the
second quarter of 2021 and the negative impact on the fully-loaded
Common Equity Tier I ratio is estimated at approximately 28 basis
points ([1]) .
This process will generate estimated savings of approximately
250 million euros annually before taxes starting in 2022, of which
approximately 220 correspond to personnel expenses. In 2021
estimated savings will be approximately 65 million euros before
taxes.
Madrid, June 8, 2021
([1]) The calculation of the CET1 has been made taking into
consideration BBVA financial statements as of March 31, 2021, pro
forma of the sale of the U.S. subsidiary, BBVA USA Bancshares, Inc
as it was informed in a relevant event on June 1, 2021.
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END
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