BANK PEKAO SA

3.03.2021 - Report 8/2021: Intended collective redundancies

Bank Polska Kasa Opieki Spółka Akcyjna (the „Bank”) informs that on 3 March 2021, in accordance with the Act of 13 March 2003 on special rules of terminating employment contracts for reasons not attributable to the employees, adopted a resolution on the intended collective redundancies and the start of the consultation procedure for collective redundancies.

The intention of the Bank is to terminate employment contracts with up to 1.110 employees and amend terms and conditions of employment for up to 1.250 employees, which constitute approx. 8% and 9% respectively of all employed at the Bank as of 1 March 2021. The Bank expects that the intended collective redundancies will begin in the last week of March 2021 and will conclude by 30 June 2021.


On 3 March 2021, the Bank will inform company-level trade unions and employee works council about the reason for the intended collective redundancies and will ask them to join the consultation process. In addition, the Bank will inform the labour office of the intended collective redundancies at the Bank.

The Bank will publish another announcement on collective redundancies on completion of the consultations with the trade unions and employee works council, as required by applicable laws, which will include information about the estimated provision to be raised for restructuring of employment at the Bank, which will be fully charged to the Bank's financial results. The final amount of the provision and the impact of the employment restructuring on the Bank's financial performance will be disclosed in the financial statements.

Collective redundancies process is a consequence of long-term changes in the banking sector that have accelerated by the Covid-19 pandemic. The process represents also a part of reorganization of the organizational structures and branch network, in order to adapt the Bank to the current market conditions and client preferences.

Legal basis: Article 17 section. 1 MAR – confidential information