Current Report no. 28 (2020)

Conclusion of an agreement with trade unions on collective redundancies

Management Board of Santander Bank Polska S.A. ("the Bank"), in relation to the current report no. 23/2020 dated 29 October 2020, informs that on 19 November 2020 the Bank concluded an agreement defining the principles of collective redundancies with all trade unions operating at the Bank.

The parties to the agreement agreed, among others selection criteria for employees whose employment contracts will be terminated as part of collective redundancies, severance pay conditions and additional compensation and the scope of the assistance program for dismissed employees. It was also agreed that collective redundancies will be carried out until 31 December 2022 and will not cover more than 2 000 employees.The Bank estimates the cost of collective redundancies at approx. PLN 121 million - the relevant restructuring provision will be charged to the Bank's financial result in the fourth quarter of 2020.

 
Legal basis:
17 clause 1 of MAR