On Friday 31 July 2020, the ALEBA, OGBL and LCGB trade unions, along with the Staff Delegation of Öhman Bank S.A., signed a social plan that will impact 17 employees.
The Swedish bank is stopping activities in Luxembourg and has sold part of its customer portfolio (private banking and asset management) to VP Bank. Thus, out of 28 employees still employees, only 11 Öhman employees will be transferred to VP Bank, while 17 others will be made redundant at the end of the year.
In 2018 its total assets were €110.47 million and its annual profit was €1.01 million.
Trade unions and Staff Delegation representatives have negotiated a social plan with the bank's management for the dismissed employees. The plan notably provides for accompanying measures in line with the Labour Code and Collective Agreement, as well as acceptable financial compensation for termination of contract, as well as compensation based on social criteria.
The unions commented that, despite the exceptional circumstances linked to the pandemic, the negotiations with the bank proceeded serenely and constructively, with the protection of the interests of employees who will lose their jobs as a priority
