Panayiotis Rougalas
Up until July 4, 2022, Bank of Cyprus will have reduced the number of its branches by 15. Specifically, 7 branches in Nicosia, 5 in Larnaca and Famagusta and 3 in Limassol and Paphos.
In Nicosia, it will close its stores in Akaki, Arediou, Astromeriti, Agia Varvara, Dali, Lykavittou and Deftera.
In Larnaca / Famagusta it will close stores in Mosfiloti, Anglisides, Deryneia, Makariou - Paralimni and Liopetri.
In Limassol / Paphos it will close the stores in Misiaouli & Kavazoglou, Pissouri and Apostolou Pavlou.
There are currently 75 branches operating on the island and from July 4 there will only be 60. In 2019, there were 86 branches.
The number of ATMs will also be reduced
In the last three years (2019 - 2022) Bank of Cyprus has closed a total of only 5 ATMs. The Bank of Cyprus network, at present, has a total of 156, while in 2019 it had 161. In July, however, another 15 ATMs will close. According to data leaked by the Bank of Cyprus, the annual cost that the Bank incurs for each machine amounts to 30 thousand euros per year. The specific cost is paid to partners and includes the cost of space, maintenance costs and feedback costs.
The message was sent
Bank of Cyprus had announced its intentions to reduce branches during the reporting of its financial results. "The management remains focused on further improving efficiency, through actions that include further optimizing the number of stores and further options for retiring full-time employees. In particular, further restructuring of branches is underway, with the aim of reducing the number of branches by more than 25% in the first half of 2022. In relation to further exit solutions for full-time employees, one of the Bank's subsidiaries completed a small Voluntary Retirement Plan (VET) in the first quarter of 2022, through which the dismissal of a small number of employees was approved
with a total cost of € 3 million. In addition, the staff is expected to be significantly reduced in 2022, with the aim of reducing the number of employees by about 15%", he noted characteristically in the results of the first quarter of 2022.
Compensatory measures
To compensate customers for the closing of branches and ATM locations, Bank of Cyprus customers will be able to receive cash back, up to 100 euros, when making purchases at stores such as bakeries, supermarkets, gas stations, etc., while using their debit cards.
At the same time, the Bank notes that a large part of the transactions made by customers are usually done online on their PC or mobile phones, reducing the need for a large number of bank branches or ATMs.
"The moves taken by the Bank of Cyprus to reduce its number of branches and ATM's are not new and is actually becoming a worldwide trend due to the increase of technological development," the press release noted.
