financial institution
The Bank of Spain speeds up the ERE of the CAM
The Bank Restructuring Fund (FROB), an agency of the Bank of Spain, expected to be completed by Dec. 15 the restructuring plan of the Mediterranean Savings Bank (CAM) adopted last May, which includes a record Regulation of Employment (ERE) which includes the output of a total of 973 workers, mostly through early retirements.
According to Europe Press to sources familiar with the process, the body forward and a plan initially was to be developed over three years. Specifically, 865 workers over 55 years at the end of December 2010 will benefit from early retirement and the rest expected to redundancies.
For the October 30 will be out of the financial institution operated by the Bank of Spain last July 22 a total of 620 workers, while it is expected that the next batch will leave the CAM around November 30.
Similarly, the plan contemplated recapitalization of the CAM 107 offices closing between 2011 and 2012, but the FROB has already closed 93 securable and the remaining 14 will be closed before December 1st of this year.
On the other hand, the FROB has awarded seven organizations interested in the Mediterranean Savings Bank (CAM)-Santander, BBVA, Caixabank, Sabadell, Ibercaja, Barclays and JC Flowers, a period of five weeks to study the detailed financial information and decide whether to bid for it.
The FROB formally reported to those entities that have come to the second phase of the sale of the CAM after submitting their non-binding offers by the entity Alicante, and has extended the deadline one week of ‘due diligence’ to their request.
Thus, the seven entities have until Nov. 24 to discuss the financial details of the CAM. To speed up the demand for information of various kinds, Merrill Lynch has set up a web page that welcomes inquiries from potential buyers and will respond within 48 hours.
After five weeks elapsed exhaustive and if you have submitted binding offers to buy the box operated by the Bank of Spain on 22 July, the FROB expected to spend a period of ten days to choose the most attractive offer, so that the award could be produced in early December.