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Zagiel announces major redundancy plans


Zagiel, the consumer finance firm acquired by Spain’s Banco Santander from KBC of Belgium earlier this year, aims to cut up to 550 jobs, or nearly 70% of the workforce, until 31 March 2013, as part of a cost-cutting drive designed to improve its financial performance and prepare for an anticipated economic slowdown, CEO Pawel Radziecak confirmed in Puls Biznesu. The lay-offs will affect both head office staff and those working at Zagiel’s 120 branches.

The plan has already been presented to the company’s staff and trade unions. The numbers involved could be smaller.

The decision comes despite the fact that Zagiel reportedly moved into a profit of PLN 2m (approx. €0.5m) in 2011.

The Zagiel takeover was part of a bigger transaction whereby Banco Santander will merge KBC’s Kredyt Bank with BZ WBK, its Polish banking subsidiary, to create the third largest bank in Poland by deposits, loans, branches and profit.

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