Bank of Cyprus Holdings PLC said on Monday that it has completed the voluntary staff-exit plan ahead of schedule and that it has also cut 25% of its branches.
The lender said that around 550 applicants have been approved to leave, reducing by 16% its number of employees, at total cost of around 99 million euros ($101.1 million). The cost is expected to be included in the third-quarter earnings results.
The company said that it estimates savings at 19% of staff costs, around EUR37 million per year.
It also added that the number of branches was reduced by 20 to 60.
These cost cuts were expected to be completed by the end of 2022, it said.
“The successful completion of this latest voluntary exit plan, means that we are achieving ahead of schedule our objective of right-sizing the bank, which is key for the improvement of our operating efficiency, the sustainability of our business model and the achievement of our medium-term targets,” Chief Executive Officer Panicos Nicolaou said.