Bank of Cyprus announces the successful completion of a small-scale targeted voluntary retirement plan.
Through the Plan, 100 employees have been approved to leave, with a total cost of approximately €16 million payable over a period of 2.4 years. The total cost is expected to be consolidated into the Bank's income statement in the fourth quarter. Annual savings over the next few years are estimated at around € 6.6 million.
According to an announcement on the Cyprus Stock Exchange, "the Group remains committed to its medium-term strategic priority for improving operational efficiency, which is expected to be facilitated by digital transformation".