UBI Banca signs a trade union agreement as part of the Group Business Plan

Bergamo, 6th September 2018 - UBI Banca informs that it has signed an agreement today with all trade union representatives which governs a further phase of voluntary redundancies in relation to efficiencies and synergies decided as part of the UBI Group 2019/20 Business Plan, which was updated when three banks were acquired in May 2017.

This agreement follows the Framework Agreement reported in the press release dated 26.10.2017 and relates specifically to the integration of the three banks acquired in the Group's organisation.

The agreement regards the acceptance of a further 369 applications for admission to the "Solidarity Fund" for the sector submitted in relation to the previous redundancy plan, activated with the agreement dated 26.10.2017 which received applications for voluntary redundancy in excess of those allowed and finalised in the first stage of the implementation of the Plan.

The exits are scheduled to start from October 2018 and the relative costs, amounting to approximately €55 million gross, will be recognised in the results for the third quarter of 2018. The savings on costs generated by this agreement are estimated at €28.5 million per year starting from 2019.

Furthermore, the generation turnover plan related to redundancy initiatives is continuing and will allow the recruitment of 120 new staff by the end of 2019 (also in support of youth employment) together with the confirmation of temporary contract positions currently existing in the Group as permanent.

This agreement constitutes a further stage in the process to rationalise Group staff which will continue in line with the provisions of the Business Plan.

For further information please contact:

UBI Banca - Investor relations - Tel. +39 035 3922217 Email:investor.relations@ubibanca.it

UBI Banca - Media relations - Tel. +39 027781 4213 - 4932 - 4936 Email:media.relations@ubibanca.it

Copy of this press release is available on the websitewww.ubibanca.it

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UBI Banca – Unione di Banche Italiane Scpa published this content on 06 September 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 06 September 2018 19:36:01 UTC