EN_150207_Banca Etruria accordo sindacale

Press Release

AGREEMENT BETWEEN THE GROUP AND TRADE UNIONS SIGNED

Arezzo, 7 February 2015 - The Banca Etruria Group today has reached an important agreement with the national and company's Trade Unions on the programme of strong cost reductions with a relevant cut in employees, numbering

410 FTE, in line with the firm's stated objectives, within the announced process of reorganisation and efficiency enhancement.
The programme, which will be implemented in a large time interval, contemplates the application of a number of measures to the whole personnel to reduce the social impact of the operation, including early pensions through the special
"Solidarity Fund" of the credit sector and a relevant number of "Solidarity days" in which personnel will not be working, together with various other measures (part-time,
stopped turnover and overtime etc.) and a structural reduction in the group's governance costs.
The programme also includes reviewing the branch network (closure of 30
branches, opening times demodulated) and more efficiency in the headquarters structures, with a fully phased saving of over one quarter of total Personnel costs.
This is undoubtedly a vast reorganisation and restructuring operation within he Italian banking system which has seen intense negotiations go on for the entire night between Friday and Saturday and until today's late morning. Now the implementation
phase, which will commit all the bank's components, is starting.
Further to the extraordinary measures in the aforementioned agreement a rigorous and general spending review is taking place, together with the definition of a new organisational model to enhance reactiveness to serve families, fims and the territory in a still weak economic scenario.

For information:

Investor Relations tel. 0575 337768 - 849 - 739

Local and media relations tel. 0575 337317 -591

This press release will be published in its entirety on the Bank's website www.bancaetruria.it

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