Caixa to maintain retail sales in France, guarantees the Ministry of Finance

Caixa Geral de Depósitos (CGD) will maintain the retail operation in France, announced Thursday the Ministry of Finance in a statement. The Ministry noted that, in the context of the negotiations with the European Commission for the update of the strategic plan of CGD for the period 2017-2020, the French branch was "recognized as a relevant activity for the functioning of the CGD Group" .

In this context, it was added in the text, "the public bank will continue to maintain the retail operation in France."
The reduction of CGD's operations outside Portugal, which included France, with Spain, South Africa and Brazil was agreed in 2017 with the European Commission in return for the recapitalization of the public bank.

The reduction in the operation of CGD agreed with the European Commission also implies the closure of 180 branches in Portugal by 2020, 70 of which still this year. In 2017, 67 agencies were closed, and CGD will have to close, in addition to 70 this year, another 43 agencies over the next two years.

In the ministry's text it was also pointed out that "CGD's international strategy a reduction in exposure to Cape Verde and Mozambique markets by the end of 2020, which will not compromise not the presence of CGD in these countries. "

On Thursday, the CGD said in a statement that it would close agencies in New York and Luxembourg, stating that they" have fewer ". "and that they" will not fail to fulfill their responsibilities towards the workers ". "Under the Strategic Plan [negociado com a Comissão Europeia] the closures envisaged focused on branches with less expression", according to the note sent by CGD to the Lusa agency, saying that "it will not fail to fulfill his responsibilities to the workers in accordance with the legal framework and good practice prevailing in their respective countries. "

In question are the closures of the branch office in New York, United States of America. America, and the two branches in Luxembourg, a

The Luxembourg Banking Union (Aleba) and the union federations OGB-L and LCGB have criticized the decision are, in a joint statement, that " a loyal, loyal and prosperous bank has decided to close its business in Luxembourg after 21 years in the Grand Duchy ".

the situation in France provoked a conflict with the unions, especially with the FO-CFTC, which promoted a strike of two and a half months from April 17 to June 30 and several protest actions streets of Paris. The CGD subsidiary in France has 48 branches and more than 500 employees.