The departure of Commerzbank was announced about a year ago. Following a year of negotiations, the bank signed the social plan on Tuesday.

The Luxembourg Association of Bank and Insurance Employees (Aleba) announced this in a press release published on Wednesday morning. The trade union stated that alongside the Independent Luxembourg Trade Union Confederation (OGBL) and the Luxembourg Confederation of Christian Trade Unions (LCGB), it was able to negotiate financial compensations that go beyond the legal minimum standards.

As a result of Commerzbank leaving the Grand Duchy, 169 employees will lose their jobs.