Social plan signed at Turkiye Garanti Bankasi A.S. Luxembourg Branch

After many hours of negotiations by personnel representatives, the ALEBA, LCGB-SESF, and OGBL-SBA unions, and the management of Garanti Bankasi A.S. Luxembourg Branch, agreement on the details of a social plan was reached on Monday 28th March 2017. This branch is scheduled to close on 30th June 2017, with all activities being transferred to the Malta office.

Of the 14 employees concerned by this closure, 11 will be made redundant at the time of closure, with two transferred to the Maltese and Dutch branches.

In the end, the unions were able to negotiate beneficial departure terms for staff, such as redundancy payments above the legal minimum, the option of a prolonged notice period, payment linked to each person’s family situation, and a substantial budget for training and outplacement.

However, ALEBA, LCGB-SESF, and OGBL-SBA were united in regretting that workers in the Luxembourg financial sector are, once again, paying the price for banks’ unrestrained pursuit of profit, which, increasingly, is required by the mother company. This is particularly regrettable as it has been these same employees who have contributed to the development and success of the businesses they work for.

Press release of the 28th March 2017