A union representing bank workers says Spain's biggest bank is planning to lay off 1,200 workers as part of a restructuring plan that will also shutter more than 400 branches.

The UGT union says Banco Santander SA's plan calls for half of the employees to take early retirement and receive 70 percent of their annual pay. UGT said in a statement Wednesday that other workers would be offered incentives to leave.

Santander did not immediately respond to an emailed request for comment. Santander is one of Europe's largest banks and has extensive operations in Latin America.