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PRESS RELEASE - INTESA SANPAOLO SPA

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PRESS RELEASE

 

The Extraordinary Shareholders Assembly on May 4th 2018, resolved to proceed with the Merger of Veneto Banka sh.a. and Intesa Sanpaolo Bank Albania sh.a. As provided by the Law, the Project Merger Plan, in its draft form, has been deposited in National Business Center and published in the respective websites of both banks.


These draft documents include also the expected impact on the employees.


Following the publication by some media of information not corresponding to the truth, Intesa Sanpaolo SpA intends to clarify the current status of the Merger Process as far as the implications on Veneto Banka sh.a.’s employees are concerned:


- The whole process of the tentative Restructuring Plans is being managed in strict compliance with the valid Laws of Albania;
- Since May 10th, 2018 many meetings with the Council of the Employees of Veneto Banka sh.a. have been held, aimed to soften the original foreseen impact of the Restructuring Plan;
- In spite of all efforts devoted by Intesa Sanpaolo SpA in order to entirely or partially accommodate the requests of the Council of Employees, both parties have not managed to reach an agreement;
- Consequently, as provided by the Labour Code, Intesa Sanpaolo SpA has asked to the competent Ministry for its help in order to possibly come to an agreement;
- Notwithstanding the consultations are still on ongoing, Intesa Sanpaolo SpA made possible to significantly reduce the number of employees involved in the Restructuring Plan. So far NO termination notice has been sent to any of Veneto Banka’s employees.
- However, not being the consultation process concluded, Intesa Sanpaolo SpA is not yet able to provide the final outcome.


Intesa Sanpaolo SpA reconfirms the Restructuring Plan is due only to economic, technological and structural reasons as disclosed in the already published documents. The Merger Process is supposed to be completed by September 2018.

 

 


Media Relations
stampa@intesasanpaolo.com

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