Bank of Cyprus is closing stores and by the end of the year it is expected to be lower by 11 compared to September 2019. The shrinkage of the network is more evident if the comparison is compared to what was the end of 2018 after 26 branches have been closed since then. . In its nine-month results presentation, the bank gives a brief overview of how its branch network is being formed to date.
Its stores (staffed and without) decreased by 13 or 11% compared to the beginning of the year. From September until the end of the year it is expected that an additional 9 branches (-8%) will also be closed. That is a 57% drop in stores compared to the end of 2013. In 2013, customer service shops were down 230 and by the end of 2019 they were down to 99, of which 86 are stores and 13 are lockers – stores without staff but with ATM.
However, cash offices are increasing from 9 at the end of December 2018 to 13 at the end of 2019. According to F’s information, Bank of Cyprus customers are informed by letter of their closed shop and where they are shipped. For example, as part of a reorganization of the Bank of Cyprus branch network, it has been decided to close the St. Paul branch in Nicosia. The last public service date in this store will be December 6th. From December 9th, customers will be served by the store located at Kyriakou Matsi Avenue in Agios Dometios. The shrinkage of the network comes as a result of the digital transformation of the Bank of Cyprus as well as the voluntary retirement plan of 470 employees (including six people involved in the Helix transaction).
With the completion of the voluntary retirement plan, the number of staff has decreased by approximately 11%, with annual gross cost savings estimated at around € 28 million or 13% of annual staffing costs (excluding 108 Helix transactions) . This annual gross savings does not include any impact from the renewal of the 2019 collective agreement, which is still under negotiation. develops and gains momentum. Today, it notes, “75% of deposit transactions,
For the Digital Transformation Program, Bank of Cyprus says it focuses on three strategic pillars: developing digital services and products that improve the customer experience, improve internal processes and introduce new ways of working to improve the work environment. It is noted that in 2020 there will be changes in the working environment with the introduction of new technologies and tools that will significantly change the employee experience, improving collaboration and knowledge sharing throughout the organization.