National Australia Bank (ASX:NAB) agreed to a gross relocation payment of AU$3,200 for employees affected by the proposed closure of its data center at Knox, Victoria, as well as to an enhanced flexible work arrangements process for these employees, the Finance Sector Union said in a statement on Friday.

The bank proposed to close the Knox site and relocate employees to 700 Bourke Street in Melbourne. The proposal affected around 270 staff, with the majority of relocations scheduled to commence from Aug. 31, the union had said in an earlier statement.

The bank's shares fell 1% in recent trading on Friday.