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Friday, July 19, 2024

The British bank NatWest closes its operations in Poland and lays off all its employees

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British bank NatWest will cease operations in Poland by the end of 2025, Reuters reports. 1,600 people will lose their jobs. The bank's spokesman explained that the decision was made after the completion of a specific project in our country that concerned financial crimes.

The bank's spokesman announced that the bank's entire staff of 1,600 employees in Poland would lose their jobs, with 45 percent these positions will disappear permanently, and the remaining 55 percent will be transferred to two branches in the UK and Indiawhere equivalent jobs will be created – Reuters reports.

– The decision was made after the completion of a specific project on financial crimes – said a bank spokesman.

– The completion of this project resulted in a broader verification of the bank's presence in Poland – said the NatWest spokesman.

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This led to the decision to close the business, which included, among others: financial crimes, technology and finance.

Return of the bank to private hands

NatWest chief executive Paul Thwaite said this year that the institution's aim was to become a simpler and more efficient bank.

The bank is preparing to fully return to private ownership for the first time since the 2008 financial crisis. However, this process has been suspended due to the British elections, which will take place on July 4.

NatWest reported a 20% rise in annual profit in February as the UK banking sector benefited from higher loan returns driven by growth interest rates.

Main photo source: Shutterstock



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