The Luxembourg branch of Garanti Bank will close its doors in June, union sources stated on Wednesday.

Garanti Bank Luxembourg S.A. is part of the Turkish banking group currently employs 14 people in the Grand Duchy. It is in the process of negotiating a social plan with the unions Aleba, OGB-L and LCGB.

The activities that the bank, which actually belongs to the Spanish group BBVA have, in Luxembourg, mainly been linked to credit and will be transferred to the branch in Malta.

“The bank revealed that the existence of two subsidiaries in the eurozone is no longer justified and decided to cut costs,” the unions announced.

According to the 2016 annual report published a few days ago, the Luxembourg branch employed 17 people on 31 December 2016, although this has now dropped to 14, and had 17 billion dollars in assets.