The Bank Employees’ Trade Union (ETYK) and the Arab Bank Management are at loggerheads. According to ETYK Head, Loizos Hadjicostis, the Arab Bank staff authorized the Board of Directors of the trade union to take dynamic measures. The decision was taken unanimously at a general meeting held on Tuesday, attended by 156 staff members. The staff rejected the bank’s plans to proceed to dismissals and recommended the adoption of an early retirement plan.

It is noted that the Arab Bank decided to withdraw from the sector of retail banking and to specialize in corporate banking. Within the framework of this strategic, the bank aims at reducing its staff to 70 persons.

Arab Bank Manager, Jack Beighton was unavailable for comment.