Over 400 Bank of Cyprus employees have opted to take advantage of the fourth voluntary retirement scheme since 2013 offered by the island’s largest lender. The deadline expired on Friday, at 3pm, and the number is between 400 and 500, insiders told CNA.
At the same time, the management now plans to proceed with restructuring plans and to submit on Monday a detailed proposal on the steps to be followed before the board of directors.
The management has scheduled significant changes to its operating model so that it remains competitive and with a successful course in the long term.
And it has already made crystal clear that there is a need for further rationalisation and further modernisation due to the rapid development of digital technology.