Hellenic Bank has completed its latest voluntary exit scheme, with 154 employees departing the bank between February 17 and March 11.

The initiative, which cost the group approximately €24.2 million, is expected to yield annual payroll savings of around €11.2 million.

According to the bank’s annual report for 2024, the scheme was open to permanent staff across the bank, Pancyprian Insurance, and Hellenic Life Insurance, and took the form of a voluntary separation.

The bank’s staff costs for the year 2024 rose to €132.9 million, up 12 per cent from €118.2 million in 2023, representing 46 per cent of total expenses—unchanged from the previous year.

The increase in staff costs was largely driven by salary hikes, a rise in the index-linked Cost of Living Allowance (CoLA), higher employer contributions, and costs associated with the renewal of the collective agreement signed in November 2024.

As part of its broader transformation strategy, Hellenic Bank is pushing ahead with efforts to boost retail sales, enhance its digital capabilities, and improve operational efficiency.

The strategy is centred around next-generation technology, data analytics, and process optimisation, while also aiming to unlock the potential of its workforce through cultural change and meritocracy—with customer service improvements at its core.

By the end of 2024, the bank employed 2,225 permanent staff (782 men and 1,443 women) and 40 temporary employees, bringing the total headcount to 2,265.

Over the course of the reporting period, 70 staff members (30 men and 40 women) left the group, marking a turnover rate of 3 per cent.

Notably, 93 per cent of the workforce—entirely based in Cyprus—are represented by trade unions, while 97.2 per cent are covered by collective labour agreements.

For those not covered under these terms, the bank offers the option of joining a multi-employer defined contribution pension fund, with a 9 per cent employer contribution.

Following a group-wide reorganisation in December 2024, women accounted for 35.2 per cent of roles reporting directly to the chief executive officer and board committees, while female representation among Key Function Holders (KFH) stood at 16.67 per cent.

These diversity targets are expected to be reviewed in line with the group’s alignment with Eurobank and its consolidation with Eurobank Cyprus.