Banco de Sabadell, S.A. and the unions have reached an agreement to reduce the workforce of Banco CAM S.A.U. by 1,250 employees through early retirement, voluntary redundancies, transfers and temporary suspensions of employment. The number of employees affected will therefore be substantially lower than the workforce adjustment plan (ERE) initially proposed by the bank (1,750 people). This redundancy plan was one of the conditions imposed by the European Commission last May when it authorised the acquisition of Banco CAM (formerly the CAM) by Banco Sabadell. The number of people affected will be 1,250 employees. Voluntary early retirement from age 55 to 63 years, with 80% of the net salary plus the amount of the special agreement, with an upper limit of EUR 245,000 for those taking this option during the voluntary period (the first 15 days). Voluntary redundancies, paid at 35 days per year worked, with a minimum compensation of EUR 30,000 and a maximum of EUR 150,000, plus an ex gratia payment of EUR 10,000 for those employees who are earning salaries exceeding EUR 30,000. In terminations with a possibility of return, 20 days salary with a minimum of EUR 10,000. If the bank does not reincorporate them, the employees concerned would receive as a maximum the compensation amount for unfair dismissal, in accordance with the legislation currently in force, plus an ex gratia payment of EUR 10,000. For the 111 employees with special working hours, the same salary that they are currently receiving (around 80% of gross salary) will be maintained until the date of their 63rd birthday. Transfers. Where changes of main residence are required, a one-off initial payment of EUR 6,000 will be made, plus EUR 700 per month for a period of two years. In cases where no change of residence is required, the same policy as that followed by Banco Sabadell will apply.

Banco de Sabadell, S.A. has presented a downsizing plan for 1,751 employees of recently acquired Banco CAM S.A.U., rather than 1,773 as initially envisaged. Some 600 of all affected workers will be included in an early retirement scheme. The others will be transferred or dismissed. The restructuring resulting from the purchase of Banco CAM is expected to affect a total 2,231 workers before end-2013.

Caja de Ahorros del Mediterráneo filed its Annual on Mar 30, 2012 for the period ending Dec 31, 2011. In this report its auditor, KPMG LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.