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Belgian banks BKCP, Beobank to merge - report.

May 20 (SeeNews) - Belgian bank BKCP will merge with Beobank, former Citibank, local trade union LBC said Wednesday, quoted by daily De Standaard.

According to the union, the merger is not quite surprising since the two banks are part of French Credit Mutuel Nord Europe (CMNE). Furthermore, there have been negotiations to harmonise the pay and working conditions of both banks.

LBC secretary Michael Vandenbroucke said the BKCP brand would be abolished.

Spokespersons for both banks could not yet confirm the news, the paper said.

It is still early to predict what would be the consequences for employees, Vandenbroucke said, pointing to a certain overlap of branches in some regions.

The question is, according toA Vandenbroucke, whether all the staff could move to another neighbouring branch in case of a closure.

Beobank focuses on retail clients, while BKCP started as a bank for entrepreneurs and later added retail banking to its service offering.

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Publication:SeeNews Belgium
Date:May 20, 2015
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