Insider Business Shrinking network of bank branches

Shrinking network of bank branches

Outstanding balances of Cyprus banks have resulted in substantial changes in the operation of branches per 100,000 adults. At a time when banks are challenged by digital transformation, customers are served by fewer branches while carrying out transactions through electronic channels the development of new data in inevitable.

Figures for 2018 are a curtain raiser on what the future has in store for the banking system considering that within 10 years the network’s shrinkage was 61.7% per 100,000 adults, according to latest data by the Association of Cyprus Banks that Phileleftheros has in its hand.

The data shows that 44 branches operated per 100,000 adults, while in 2017 the number was 53. Changes recorded in the banking sector from one year to another are distinct. In 2018, the number of bank employees was 8,948 and that of branches stood at 384.

In 2017, when the defunct Cyprus Co-operative Bank was still in the system, the total number of branches was 458 and that of employees stood at 10,627. In 2016, the banking network per 100,000 adults was 64, employees numbered 10,615 and that of branches was 542. In 2015, the branches in operation per 100,000 adults were 71 and bank employees numbered 10,939. The network that year included a total of 560 branches.

In 2014, there were 77 branches per 100,000 adults and the total number of bank employees was 10,916. In 2013, the year the bank system collapsed, there were 85 branches per 100,000 inhabitants and their total number reached 650. In 2012, the year before the financial crisis and before Laiki Bank’s collapse, the network was inflated with 108 branches per 100,000 adults and with their total number reaching 848.

In 2011, the picture was even more inflated with 113 branches per 100,000 adults, while in 2010 this was 114. In 2009 and 2008 respectively, there were 116 and 115 branches per 100,000 adults.

Regarding the network, Hellenic Bank is first as far as the number of ATMs and branches goes, followed by Bank of Cyprus. The absorption of the good part of the Cyprus Co-op bank by Hellenic in September 2018 meant an additional 149 branches and 179 ATMs, while the number of employees now stands at 2,361. In 2017, Hellenic had 121 branches, 156 ATMs and 3,704 employees.

 

Read more:

https://in-cyprus.com/bank-of-cyprus-to-close-15-branches/

Top Stories

Ministry updates list of countries for travel to Cyprus – Israel in Category C

The Health Ministry on Friday issued a revised list of countries regarding their epidemiological risk as regards coronavirus for travel purposes, moving Israel from...

No new Coronavirus cases for second consecutive day

No new coronavirus cases were reported in Cyprus on Friday after 1538 tests, which means the total number remains at 999 for the second...

New yellow warning; temperatures at 42 C on Saturday

The Department of Meteorology issued on Friday another yellow alert for extremely high temperatures on Saturday. The alert is in force from 11 am until...

Limassol Wine Festival cancelled for 6th time since 1961

Limassol Mayor Nicos Nicolaides said on Friday that the municipal council has decided to cancel the city's wine festival for 2020 due to Coronavirus,...

Gilead’s COVID-19 antiviral remdesivir gets conditional EU clearance

The European Commission said on Friday it had given conditional approval for the use of antiviral remdesivir in severe COVID-19 patients following an accelerated review process,...

Taste

Cyprus sprouts with cream and prosciutto

In a big, deep frying pan, fry the prosciutto in the olive oil, on medium heat for 2 minutes. Add the onion and garlic...

Pork burger with sundried tomatoes, mozzarella and anchovies

Mix all the ingredients together with the mince in a bowl, and combine well. Divide into 4 balls and form the burgers. Warm a griddle/pan...

Sheftalies

Wash the lamb cauls with plenty of cold water and let them settle in water and vinegar for a little while. Soak the bread crumbs...

Loukaniko Pitsilias – Pitsilia Sausage

Pitsilia sausage is produced in the Pitsilia region from pork minced meat that is “cooked” ( matured) in the dry red wine of the...