BOCH: Successful completion of voluntary staff exit plan

Bank of Cyprus Holdings Public Limited Company (together with Bank of Cyprus Public Company Limited, the “Bank”, and its subsidiaries, the “Group”) announced the successful completion of a small-scale targeted voluntary staff exit plan.

Through the Plan, 100 applicants have been approved to leave at a total cost of c.€16 mn, with an average payback period of 2.4 years.

The total cost is expected to be recorded in the consolidated income statement in the fourth quarter. The estimated annual savings amount to c.€6.6 mn.

The Group, according to the announcement, remains committed to its medium-term strategic priority of improving operating efficiencies, facilitated by digital transformation.