The Luxembourg bank, a subsidiary of Latvia’s ABLV Bank, entered compulsory liquidation in July 2019 after its parent company was shut down the previous year in the wake of an international money laundering scandal.

Managers agreed to talks on a redundancy plan in March 2020, the Aleba banking sector trade union said on 17 July. Negotiations were disrupted by the covid-19 outbreak and shutdown, which pushed back the legal deadline, Aleba stated.

Roberto Mendolia, the union’s chief, said the matter was “clearly difficult for us” but that he was “nevertheless happy with the negotiated solutions”.

Details of the agreement were not released.

Delano asked the bank’s judicial liquidators for comment.