DERYNEIA: Due to cost and security, the branch of the Bank of Cyprus closes

Various factors, including operating costs, profitability and security, led to the closure of the Bank of Cyprus branch located at Eleftherias Avenue in Deryneia, the bank responds to the Mayor of Deryneia.

The reply letter, in a letter from the Mayor of Deryneia in which he appealed for the maintenance of the Bank of Cyprus branch in Deryneia, which will be closed at the beginning of July, is signed by the Director of Retail Banking Region Larnaca-Famagusta-Famagusta-Region

In his letter dated April 13, Andros Karagiannis stated, among other things, that he fully understands "the needs and the policy of the Bank of Cyprus for restricting branches and promoting the service of the public online, since this is required by modern society." However, first of all, the society must be properly prepared for the future changes in the banking sector ".

The reply letter of the Bank of Cyprus states that "the concerns and worries" expressed by the Mayor of Deryneia are noted and note that "the execution of the banks' operations has been differentiated through the continuous upgrade of the services they offer through digital channels. Today, these banking operations / services are provided through these channels, which offer faster service at a reduced cost ".

It is also noted that the Bank "has invested significant funds in the development of digital channels which today resulted in more than 90% of transactions being made through these channels", while it is observed that as a result of this shift of customers to digital channels " is the continuous reduction of the physical use of the stores by the customers ".

It is also reported that a new service is expected to be offered soon, where customers will be able to withdraw cash through merchants, including supermarkets and gas stations, when making purchases using debit cards so that they do not have to use ATMs.

The Bank of Cyprus in its letter also informs the Mayor of Deryneia that “the nearest Bank branch in Paralimni is located at a distance of 3,8 km and has two ATMs, which are available to citizens 24/7 ensuring that customers will have access to a cash register 24 hours a day, including weekends and holidays ".

It is recalled that the Mayor of Deryneia stated in his letter "the changes and the promotion of new projects and actions provoke various reactions, something that requires the proper preparation of the local community. "Unfortunately, the Bank's policy of closing its branches does not find us in agreement, as we believe that it will not facilitate the service of the citizens, but on the contrary will cause them further reaction, indignation and frustration".

He also noted that the Bank's decision to close the branch in Deryneia should take into account "the traffic congestion that will be observed and the increase of pollutants that will further burden the environment, with the movement of several citizens from Vrysoules-Acheritou, Frenaros and Deryneia to the Bank's main branch in Paralimni ".