Current Report no. 23 (2020)

Intended collective redundancies

The Management Board of Santander Bank Polska S.A. with its registered office in Warsaw ("the Bank") advises that on 29 October 2020, 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 start of collective redundancies procedure in Santander Bank Polska S.A.

It is the intention of the Bank's Management Board to carry out the process of collective redundancies until 31 December 2022 in relation to no more than 2000 people, which represents approx. 18.52% of all employees of the Bank as of 30 September 2020. The process will involve employees in both the head office and in the distribution network.

The process is spread over more than two years due to extraordinary market conditions related to the pandemic.

On 29 October 2020, the Management Board of the Bank will inform 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.

Legal basis:
Article 17 (1) of Market Abuse Regulation - inside information.