Bank of Cyprus Holdings Public Limited Company ("BOC Holdings" and, together with its subsidiaries, the "Group") announces the successful completion of a voluntary retirement plan.
The Plan is part of the Group's digital transformation strategy, which aims to achieve a rational operating model and a lower cost base over time.
Through the Plan, approximately 470 employees have been approved for retirement, with a total cost of approximately € 79 million expected to be recognized in the consolidated income statement in the fourth quarter.
With the completion of the voluntary retirement plan, the number of staff was reduced by about 11% and the annual savings are estimated at around € 28 million or 13% of staff costs.
Source: inBusiness