The possibility of a bonus equivalent to two salaries is a topic of conversation for Novobanco workers, who are awaiting the completion of the sale to the French group BPCE to find out when they will be able to receive the bonus they have claimed over the last few months. The process has mobilized the administration and the workers’ committee, who seek to ensure that recognition for the contribution made to the bank’s recovery finally reaches its employees.
According to the ECO news portal, CEO Mark Bourke expressed internally his commitment to defending the attribution of this bonus to shareholders, in line with what was being requested by those who closely follow the labor process. According to the same source, the premium will only be paid after the formal conclusion of the operation, this being the condition defined since the beginning of the talks.
The workers’ committee revealed that the negotiations are taking place “in a constructive manner”, indicating that there is confidence that the extraordinary bonus will be awarded after the steps set out in the memorandum of understanding have been completed. The publication adds that this expectation is based on the conviction that the efforts made over recent years must be recognized in a concrete way.
Expected impact and financial responsibilities
The same source also states that the workers’ committee estimates an impact of around 25 million euros associated with the awarding of the prize, a value that it considers to be in line with the size and results achieved by the bank. This recognition is seen as an additional incentive at a stage when the institution is preparing for a significant shareholder change.
Novobanco’s management confirmed that the premium can only be paid after the sale is completed, reinforcing that the operation still depends on the latest regulatory approval. Brussels has already given the green light and authorization from the European Central Bank is now awaited for the process to be completed.
Sale brings significant values for shareholders and the State
As part of this deal, the State is expected to receive around 1.6 billion euros for the 25% it holds in the institution, while Lone Star is expected to receive approximately 4.8 billion from the sale of the majority stake acquired in 2017. The transaction takes place in a context in which the bank reported profits of 610 million euros in the first nine months of the year.
Created in 2014 after the BES resolution, Novobanco currently has more than 4,100 workers. The sale to the BPCE group is expected to be completed in the first half of next year, a moment that will also mark the final definition of the payment schedule for the premium claimed by the workers.
Decisive stage approaching
Among employees, the expectation remains that the outcome of the process can reinforce internal stability at a time of transition. The workers’ committee has sought to ensure that the promised recognition translates into a concrete measure in line with the contribution of the last eleven years.
As the calendar approaches final decisions, sources linked to the process admit that the award could play a relevant role in the relationship between the future administration and the bank’s internal structure. According to , the objective is to ensure that workers enter the new institutional phase with a clear signal about their impact on the institution’s recovery.
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