Hellenic Bank announced the branches that will close their operations, as a result of the absorption of the good part of the Cooperative Cyprus Bank.
The list of 43 pan-Cypriot branches that will be closed by Hellenic Bank also includes two branches from the Province of Famagusta as well as an ATM cash machine.
Specifically, the following are closed:
PARALIMNI: Branch (Part Time) 4 Antoni Papadopoulou Street
PARALIMNI: ATM 322 Cape Greco Avenue
LIOPETRI: Branch (Part-time) Petraki Giallourou Street 1.
What changes and what does not for customers of the Co-operation
A new page was opened today at Hellenic Bank after the absorption of the operations of the Cooperative Bank of Cyprus (SKT). Nea Elliniki, which on Friday afternoon officially took over the keys of the Cooperative, will become the largest retail banking bank in Cyprus.
As of today, Monday, all the customers of the Cooperative are now customers of the Hellenic Bank, while all the branches of the Cooperative are expected to open, despite the decision under the agreement to lock 100 branches within 15 months.
The leadership of Hellenic Bank, which has prepared a road map that records all the actions and schedules that will be followed until the full integration of all the operations of SKT, assures that nothing will change for the customers of SKT.
According to Hellenic Bank, SKT customers who will be able to make electronic transactions with the same codes, the checkbooks, credit facilities, overdrafts will be valid, while the credit cards will operate with the same codes. In fact, the credit and debit cards of SKT can be used for withdrawals and deposits both from the ATMs of Synergatismos and from Hellenic Bank.
In addition, in the context of the absorption of the works by the end of September, 44 branches of the Cooperative are expected to be locked. The closure of the stores will take place in two phases. However, dozens of SKT customers are concerned about the smooth transition from one bank to another.
Frequently Asked Questions:
1. What will happen to the loans of SKT borrowers which will be transferred to Elliniki?
The loans will be transferred to Elliniki with the lending terms and obligations of SKT, based on the legal documents signed by the customers during their conclusion.
2. Will the deposits be transferred on the same terms and interest rates?
SKT deposits will not be affected. They will be transported as is. If at a later stage something changes, Hellenic Bank will inform in a timely manner, as it always does with its customers, based on the relevant laws and instructions of the Central Bank.
3. What about overdrafts?
They will remain as they are, nothing changes.
4. What are the changes with credit cards? That is, someone who has a credit card of SKT on Monday will be able to get money from the ATM of Hellenic Bank? What will happen to the various plans that the two banks have in relation to credit cards?
Debit and credit cards will remain valid and will work at any ATM. Holders of VISA cards will be able to use them at any ATM of Hellenic Bank and SKT, free of charge from September 3. Holders of MASTERCARD cards will be able to use them only at Hellenic Bank ATMs.
5. When will SKT credit cards and checkbooks be replaced?
Former SKT customers will continue to use their credit cards until the full integration of the two systems of Hellenic Bank and SKT. In case of change, customers will be notified in a timely manner. From September 10, the former customers of SKT will receive Greek passbooks.
6. Will SKT borrowers who have restructured their loans have the right to request a restructuring of their loan from Hellenic Bank, which is more flexible in restructuring?
The serviced loans are transferred to Hellenic Bank. If a customer has any issues with their loan they will talk to their store to find mutually beneficial solutions.
7. Will some SKT stores be closed on Monday? Which stores will close first?
There will be no closed stores on Monday. For the stores that will close, the customers will be informed in time in order to take the necessary actions.
8. What criteria did the bank take into account for the closure of SKT branches? How do you respond to the reactions that exist especially in the communities regarding the closing of the SKT stores?
Regarding the branch network, the purpose of the Bank is to rationalize the network so that it is correctly located in the geographical area of Cyprus for the fullest possible coverage of customer needs, but also to maintain the competitiveness and viability of the Bank. The Bank will close about 100 branches within the next year. These are stores that were in the plan of SKT to close and the daily volume of transactions did not justify their maintenance. 44 of these stores (28 part-time and 16 full-time) will close by the end of September 2018.
Hellenic Bank will continue to maintain the largest branch network and ATMs of any other banking organization in Cyprus. The Bank's network is directly strengthened with mobile banking units. So remote villages where there are no banks at all will be covered by the mobile units that will offer the services and products offered by a regular store. Customers will be informed about the routes and itineraries soon. With the use of mobile units, the Bank's goal is to serve even more customers with a presence in more locations in rural areas than now. Affected customers can also visit the nearest store in the network or any other store that suits them and they will be served immediately.
9. How will the public be informed?
Through press releases, letters, in stores, social media, etc. in plain language.
THE CUSTOMER IS ALWAYS IN THE FOCUS
At the center of interest of Hellenic Bank is the customer, loyalty and respect for it. The goal of the Bank is, through the excellent customer service and the provision of attractive and competitive products and services, to become the first and main bank in Cyprus. Answering a relevant question, the Bank states the following:
"The fast and smooth transition to the new era and the smooth integration of the systems and staff of the former SKT is a strategic priority. A specific assimilation plan has been prepared and a special team that will monitor the implementation of the plan, which consists of Hellenic Bank staff and specialized consultants who specialize in acquisitions and bank consolidations ".
From collaborators in modern Greek
On September 3, 1100 SKT employees will be absorbed by the Hellenic Bank on the same terms of employment. It is recalled that through the voluntary exit plan, 1.027 employees of SKT left the initial 900 who were targeted and the 1.040 who had declared their intention to leave SKT. The cost of the project is estimated at € 128 million, plus € 5 million for permits and other benefits.
The relevant letters have already been given to the staff who requested to leave and it will be clarified who will remain in SKT to staff the MES Management Body. SKT's agreement with Hellenic Bank includes a provision according to which 1.100 employees will be transferred to it. As a matter of fact, it seems that more will go, maybe 1.200 to 1.250, as they do not prefer to stay in SKT and then in the Agency. If this scenario is verified, then Hellenic Bank will be called upon to answer whether it will retain all employees, otherwise to name who it will not employ and thus they will return back to SKT. In fact, after the completion of the absorption, Hellenic Bank will proceed with a re-evaluation of the staff and changes in the structures.