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BSCH-BANESPA: The Globalization of the Labor Dispute

At an auction on 20 November 2000, the Santander Central Hispano (BSCH) Group was awarded the Banco del Estado de São Paulo (Banespa), the third largest financial institution in the State of São Paulo. Gabriel Jaramillo was appointed new Chairman of Banespa's Board of Directors. The Spanish bank's bid amounted to 3.55 billion dollars. With this acquisition, BSCH strengthened its presence in Brazil, becoming the country's third largest financial institution, with 3 million clients. BSCH presented an early retirement program for 18,000 of Banespa's 22,300 employees, with the aim of modernizing the bank and reducing costs. In the end, 8,500 employees signed up with the plan (47 percent of the 18,000 employees initially targeted).

Collection: IESE (España)
Ref: DP-146-E
Format: PDF
Publication Date: Jan 10, 2002
Language: English, Spanish

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At an auction on 20 November 2000, the Santander Central Hispano (BSCH) Group was awarded the Banco del Estado de São Paulo (Banespa), the third largest financial institution in the State of São Paulo. Gabriel Jaramillo was appointed new Chairman of Banespa's Board of Directors. The Spanish bank's bid amounted to 3.55 billion dollars. With this acquisition, BSCH strengthened its presence in Brazil, becoming the country's third largest financial institution, with 3 million clients. BSCH presented an early retirement program for 18,000 of Banespa's 22,300 employees, with the aim of modernizing the bank and reducing costs. In the end, 8,500 employees signed up with the plan (47 percent of the 18,000 employees initially targeted).
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Year: 2000-2001
Geographic Setting: España

BSCH-BANESPA: The Globalization of the Labor Dispute

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"BSCH-BANESPA: The Globalization of the Labor Dispute"