The major banking union in Brazil is urging Santander Central Hispano to meet for talks immediately to discuss concerns that the company will cut jobs and close branches if it goes ahead with the purchase of ABN Amro Holding.
Spanish bank Santander could pay up to €20bn for Sao-Paulo based ABN Amro Holding and the company’s Banca Antonveneta in Italy, making it the third largest lender in Brazil.
Bloomberg reports that Sao Paulo union leader Luiz Claudio Marcolino has handed a letter to the country’s labour minister, Carlos Lupi, calling for jobs to be safeguarded if the takeover bid is successful.
“We cannot accept that fathers and mothers lose their jobs in the name of capitalism,” said Rita Berlofa, an executive director of the banking union. “We want guarantees that won’t happen.”