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Cyprus

BoC to shutter 15 branches, no redundancies  

Bank of Cyprus said it plans to shutter 15 branches as part of restructuring but no jobs will be lost at this stage, it emerged on Friday.

In an internal memo to staff, the bank said the move would affect 15 branches, which will be announced in the coming days.

“The move reflects the networks rationalisation course, bolstering the branches that are most convenient to customers, but also reducing the most tedious elements of our daily life,” the memo said.

The move will also cut operating cost, but no jobs will be lost at this stage.

“It is expected that transfers will take place,” the memo said. “Affected colleagues will be moved to other branches and roles, depending on their circumstances and the bank’s needs.”

BoC said over the counter service is decreasing, as more and more people do their business through digital channels.

Some 75 per cent of the bank’s transactions are carried out through digital channels and the rate is even higher among private citizens, 83 per cent.

Nine in 10 withdrawals are done at ATMs and loan applications through the lender’s site are seeing a daily rise.

Ninety-two per cent of money transfers are also done online.

BoC is simply following the same path other lenders have across the globe, dictated by consumers who want simpler, faster, and cheaper service, the memo said.

The lender will continue to be the largest and most important bank in Cyprus, irrespective of the number of branches, since it will hold the largest market share in loans, deposits, plastic money, and so on, the memo added.

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