Cyprus Mail
Cyprus

BoC exceeds 400 target for voluntary redundancies

More than 400 employees of the Bank of Cyprus have opted for the voluntary exit scheme offered by the lender, reports said on Friday.

A source within the bank told the Cyprus News Agency that more than 400 people had opted for voluntary retirement with the bank’s management being pleased to have achieved the target set which was between 400 and 500 people.

Following the departure of approximately 10 per cent of the bank’s employees a restructuring plan will follow, the source said.

Management is to submit on Monday a proposal to the Board of Directors as regards the next steps.

It has not been ruled out that additional applications related to the bank’s restructuring plan might be accepted.

The bank’s staff had until Friday afternoon to express interest.

This was the fourth voluntary retirement scheme since 2013 offering staff up to €200,000 tax-free.

 

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