Current Report no. 1 (2019)

Indended collective redundancies

The Management Board of Santander Bank Polska S.A. with its registered office in Warsaw ("the Bank") advise that on 10 January 2019, as per the Act of 13 March 2003 on special rules of terminating employment contracts for reasons not attributable to the employees, they adopted a resolution on the intended collective redundancies and the start of the consultation procedure for collective redundancies.

The intention of the Management Board of the Bank is to make up to 1,400 employees of the Bank redundant, i.e. approx. 11% of all employed at the Bank as at 31 December 2018, between February and 31 December 2019.

On 10 January 2019, the Management Board of the Bank will inform company-level trade unions about the reason for the intended collective redundancies and ask them to join the consultation process. In addition, the Management Board of the Bank will advise the labour office of the intended collective redundancies at the Bank.

The Bank will publish another announcement on collective redundancies on completion of the consultations with the trade unions, as required by applicable laws, which will include information about the estimated provision to be raised for restructuring of employment at the Bank which will be fully charged to the Bank's financial results. The final amount of the provision and the impact of the employment restructuring on the Bank's financial performance will be disclosed in the financial statements.

Legal basis:
Art. 17 clause 1 MAR