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In the small EU country, but major banking country Luxemburg there are 166 banks. One of them is Nordea and it is here that Martin Krank works as an associate manager with responsibility for financial control.
He finds it difficult, however, to see what it will entail if Nordea becomes the first European bank to become a European Company.
"It is too early to say, we have just been informed about this for the first time," he says.
Luxemburg is the world's foremost banking country. The population totals 450 000, and five per cent of the population, or 22 500 people, are working for banks.
Many of them are working for foreign banks. 48 of the166 banks are German, the largest national group. 19 are Belgian/Luxemburgian, while 17 are French and 15 Italian.
There are nine Scandinavian Banks in the country.
Martin Krank began working in 1988 for what was then the Danish-owned Privatbanken. This later became Unibank and was incorporated into Nordea in July 2000.
The bank now has 280 employees in Luxemburg and this number is expected to increase in 2005.
Limited union interest
There are three national trade union organisations in Luxemburg, and they all organise bank employees. Martin is a member of the largest, OGB-L. He estimates that 80 per cent of the personnel are trade union members.
"Interest is limited, it seems that people don't feel the need and they don't make use of their membership," he says. This counts for the European (foreign) banks in Luxemburg.
Relations between the management and staff at the bank are handled by a staff delegation. The staff delegation counts six representatives who are elected by the employees for a period of five years.
The staff delegation meets when either of the parties wants to raise an issue and it is possible to discuss with the Management, according to Martin Krank.
The trade unions in Luxemburg together with ABBL (Association des Banques et Banquiers Luxembourg) conclude national convention agreements for the entire banking sector. These agreements are renewed/negotiated every 2–3 years. The agreements are used in all the banks as a starting point for the staff delegation.
The banking sector in Luxemburg is well known for its secrecy, and this also applies to staff pay levels.
"Pay levels vary from bank to bank. To be honest, I don't even know what the situation is at Nordea," says Martin Krank.
Bengt Rolfer
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