“Mr. Jack Beighton must adjust himself here”, ETYK Chairman, Loizos Hadjicostis said on Wednesday, after the Arab Bank’s intention to dismiss the redundant staff and the recent statements of Mr. Beighton (Arab Bank Manager) to StockWatch for the introduction of a single formula that will govern redundancies in the banking sector. “It is inconceivable for a foreign bank to suggest new institutions in the labour relations of Cyprus. The Arab Bank must respect the environment”, Mr. Hadjicostis added.

ETYK recommended the adoption of the early retirement plan and demanded that ETYK members are not affected by the bank’s plan.

It is worth noting that the Arab Bank announced recently its intention to dismiss 40% of its staff and focus on business banking. At a recent meeting, the staff rejected the Management’s plan.

Mr. Beighton’s proposal for a single formula in redundancies had never been an issue of discussion at the Bank Employers’ Association where he has the post of Vice Chairman.