National Bank planning measures to counter impact of collective agreement

Montreal, 19 July 2001 - 

National Bank of Canada is of the opinion that the collective agreement imposed by the Canadian Labour Relations Board, affecting approximately 100 employees in its MasterCard sector, will definitely compromise the cost-effectiveness of this sector and that it will have to take action.

The three units concerned by this first collective agreement imposed by the CLRB are Telemarketing, Collection and Merchant Services (telephone services), all of which are linked to the Bank's MasterCard operations.

Although the Bank is still evaluating the content of the agreement, it is already clear that it will have to take measures quickly in order to counter the impact of the monetary clauses of the agreement.

The Bank has already contested before the federal court a prior decision by the CLRB to impose an initial collective agreement. It intends to pursue the matter and will now also contest the content of certain clauses in that collective agreement.

Moreover, the Bank refutes allegations by the CNTU that it is engaging in anti-union practices. It continues to favour harmonious and direct relations with its employees.

National Bank of Canada is an integrated group whose mission is to provide comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. The National Bank has assets of over $76 billion and, together with its subsidiaries, it employs some 16,700 people. The Bank's shares are listed on the Toronto Stock Exchange.

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