NewsLocalBank of Cyprus finds 550 employees willing to get early retirement

Bank of Cyprus finds 550 employees willing to get early retirement

The Bank of Cyprus Holdings Public Limited Company together with its subsidiaries announced the successful completion of the plan for Voluntary Retirement of Personnel from the bank. The plan is part of the Group’s strategy for further improvement of efficiency through reduction of the number of branches and personnel.

Approximately 550 employees have been approved to leave through the plan and the overall cost is around 99 million euros. With the completion of the plan, the number of employees will be reduced by approximately 16.1% and the annual saving is estimated to be approximately 37 million euros.

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