Spain : Banco Santander commits to a non-disruptive merger with Banco Popular (in brief)

On 21 November Banco Santander together with the trade unions signed a 'Merger Protocol' document in which management wholly renounces all disruptive measures during the upcoming reorganization of the group that is set for 2019 and which will result in a merger with Banco Popular that it legally absorbed in September 2018. According to the document the company commits to integrating teams on both a voluntary and mechanical (age-related) basis. The company also commits to zero bias in terms of equality and professional career and will not take into account the original banking group from which any employee stems. The document sets out the principle of negotiation and dialogue during the 2019 integration process and aims to 'restrict recourse to unilateral measures.' The protocol was signed after a request by the CCOO union that the banking group responds to employee concerns and guarantees the stability of industrial relations at the company.