Cyprus Mail

One quarter of BoC staff applied for voluntary retirement


Bank of Cyprus said on Friday that a quarter of its staff had applied for a voluntary retirement programme that would help cut its annual personnel expenses by about 35 per cent.

The lender, which recently imposed a bail-in on depositors, forcing the conversion of 47.5 per cent of savings exceeding e100,000 into equity, said 1,370 employees would be leaving the group.

“Successful completion of the voluntary retirement scheme is an important step towards the group’s restructuring,” the bank said in a statement.

Conditions attached to €10 billion in aid from international lenders included the bail-in of depositors in Bank of Cyprus and the winding down of Laiki, the island’s second-largest bank. (R)

Related posts

The summer of the cockroach

Jonathan Shkurko

Archbishop slams Hagia Sophia decision, calls Turks “uncivilised”

Andria Kades

Any prospects for resumption of Cyprus talks would require termination of Turkish provocations, minister says

Source: Cyprus News Agency

Nicosia mayor calls on residents to be patient as two-year-long roadworks begin on Monday

Andria Kades

Future uncertain for new academic year, all scenarios being examined

Andria Kades

EU Foreign Ministers to hold strategic discussion on EU-Turkey relations on Monday

Source: Cyprus News Agency