The number of employees who chose to leave Hellenic Bank under its latest voluntary exit scheme fell significantly short of the target of 400 departures.

The plan, introduced amid the bank’s acquisition by Eurobank and the upcoming merger of the two entities, saw around 150 employees opt for voluntary redundancy.

Despite a one-week extension granted by Hellenic Bank after the initial deadline, the level of interest remained largely unchanged.

According to reports that emerged on Wednesday, which the Cyprus Mail verified, only a small number of additional employees applied during the extension period, leaving the final figure well below expectations.

Hellenic Bank is now assessing the financial impact of the voluntary exit plan, calculating the costs associated with the departures.

Attention is also shifting towards the post-merger integration of staff and operations following the completion of Eurobank’s public offer to acquire 100 per cent of Hellenic Bank’s shares.

Following the merger, the next steps regarding employment matters will be determined, as outlined in Eurobank’s public offer document.

The bank has stated that it does not intend to unilaterally introduce significant changes to the existing employment terms of Hellenic Bank staff.

Furthermore, Eurobank has noted that any modifications to Hellenic Bank’s employment policies will be considered only after the merger with Eurobank Cyprus is finalised.

Meanwhile, according to the same reports, there is a possibility of another voluntary exit scheme but this is unlikely to take place before 2026.

In the meantime, Hellenic Bank continues reallocating employees to centralised services in preparation for the merger with Eurobank.

The recently concluded exit plan offered a maximum tax-free compensation of €200,000, calculated based on a formula that considered an employee’s age, years of service, and salary.

The previous voluntary redundancy plan implemented by Hellenic Bank in 2022 resulted in the departure of 450 employees, representing 17 per cent of the group’s total workforce at the time.