Seven regional directorates will form the single bank of the Co-operation after the completion of the legal merger of 18 SPI and the reduction of the SKT branch network by 90 out of the total of 250 that it maintained on a nationwide basis.
In the province of Famagusta, the Kokkinochorion SEA is transformed into a Famagusta Regional SEA with 14 stores.
In each province, Nicosia, Limassol, Larnaca, Famagusta and Paphos, a regional address is created, while, in addition, one region is created in Troodos and another to which all professional savings banks will belong.
The selection of the stores that suspended their operation was made after a thorough study prepared for SKT by external expert consultants based on specific socio-economic criteria, size, clientele and location.
The drastic reduction of the number of Cooperative branches, with the simultaneous creation of the seven regional offices will bring about a substantial change in the size and distribution of the bank's network, said to StockWatch Giannos Stavrinidis, head of strategy and communication of SKT.
Of the 160 Cooperative stores, 51 will operate in Nicosia, 25 in Limassol, 29 in Larnaca, 12 in Troodos, 14 in Famagusta and 19 in Paphos.
In Nicosia, there will be an additional five branches which will be under the regional management of professional savings banks.
According to Mr. Stavrinidis, the reduction of the bank's expenses will not be substantial as, as he explained, the 60 employees who served in all 90 branches that have been closed, will be absorbed until the end of July, when the process of reducing the number is completed. of the bank branches, in other branches that need support from the workforce.
Mr. Stavrinidis noted that the reduction of costs for the bank is limited only to operating costs such as electricity, water, telephones and in some cases rents.
"In fact, we will have fewer stores, but better staffed," said the head of strategy and communication of SKT.
He stressed that all stores will offer full banking, something that did not happen in the past.
He added that the institution of a personal banker will soon be established for the best service of every customer of the Cooperative.
The announcement of a reduction in the number of affiliate branches has alarmed local communities, who fear they will lose their local branch. Yesterday, the association of communities of Cyprus criticized the leadership of the cooperative for announcing a reduction of 90 branches and urged its members to withdraw their deposits.