Alior Bank, a financial institution in Poland owned by Italy’s Carlo Tassara Group, has revealed its plans to lay off up to 1,000 employees by the end of 2015.
The decision follows the bank’s merger with smaller rival Meritum Bank, which it has agreed to acquire from Innova Financial Holdings, WCP Cooperatief and the EBRD in a deal worth PLN353m ($94.2m).
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Layoffs will begin in April this year and will run through the end of December, 2015.
Alior Bank management, in a market filing, said: "The new model takes into account both the cost synergies tied to overlap of the two banks’ networks and the changing needs of bank clients resulting from dynamic growth in popularity of internet and mobile banking."
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