Cyprus: Ολοκλήρώθηκε with the success of the voluntary exit scheme

The Bank of Cyprus successfully completed the plan of voluntary redundancy, which…
falls within the strategy of the Group for the preservation of a rational functional structure. Through the plan, 359 employees have been approved for withdrawal, with the total cost amounting to eur 57 million. euro.
After the completion of two projects on the voluntary withdrawal during the first half of 2016, the number of staff in Cyprus was reduced by 10% and the annual saving is estimated at 12% of staff costs.
The completion of the project voluntary redundancy is still a milestone in the Group restructuring and the completion of the course of the recovery of the strong position.

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