One quarter of BoC staff applied for voluntary retirement

 

Bank of Cyprus said on Friday that a quarter of its staff had applied for a voluntary retirement programme that would help cut its annual personnel expenses by about 35 per cent.

The lender, which recently imposed a bail-in on depositors, forcing the conversion of 47.5 per cent of savings exceeding e100,000 into equity, said 1,370 employees would be leaving the group.

“Successful completion of the voluntary retirement scheme is an important step towards the group’s restructuring,” the bank said in a statement.

Conditions attached to €10 billion in aid from international lenders included the bail-in of depositors in Bank of Cyprus and the winding down of Laiki, the island’s second-largest bank. (R)

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.