Current Report no. 4 (2019)

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. 1/2019 dated 10th January 2019, informs that on 31st January 2019 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 from February 2019 to 31st December 2019 and will not cover more than 1 400 employees.

The Bank estimates the costs amount of collective redundancies for PLN 70-90 million and due to this the restructuring provision will be created in the Bank's accounting books.

Legal basis:
17 clause 1 of MAR