Completion of Voluntary Staff Exit Plan

RNS Number : 7613R

Bank of Cyprus Holdings PLC

31 October 2019

 

Announcement

Completion of Voluntary Staff Exit Plan

Nicosia, 31 October 2019

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014.

Bank of Cyprus Holdings Public Limited Company ("BOC Holdings" and, together with its subsidiaries, the "Group") announces the successful completion of a voluntary staff exit plan (the "Plan").

The Plan is in line with the Group's digital transformation strategy aimed at achieving a lean operating model and a lower cost base over time.

Through the Plan, c.470¹ applicants have been approved to leave at a total cost of
c.€79 mn¹, expected to be recorded in the consolidated income statement in the fourth quarter. Following the completion of this voluntary staff exit plan, the number of employees is reduced by c.11%^1,2, with an estimated annual saving of c.€28 mn or c.13% of staff costs^2,3.

For further information, please contact Investor Relations at [e-mail].

1      Including five persons relating to the Helix transaction. As published in the Financial Results for the six months ended 30 June 2019, 108 persons relating to the Helix transaction are expected to be transferred to the buyer upon full migration, expected by the end of the year.

2      Based on the Group financial results for the six months ended 30 June 2019.

3      Excluding 108 persons relating to the Helix transaction, where full migration and transfer to the buyer is expected to conclude by the end of the year.

Group Profile

The Bank of Cyprus Group is the leading banking and financial services group in Cyprus, providing a wide range of financial products and services which include retail and commercial banking, finance, factoring, investment banking, brokerage, fund management, private banking, life and general insurance. The Bank of Cyprus Group operates through a total of 108 branches in Cyprus. Bank of Cyprus also has representative offices in Russia, Ukraine and China. The Bank of Cyprus Group employs 4,155 staff worldwide. At 30 June 2019, the Group's Total Assets amounted to €21.9 bn and Total Equity was €2.5 bn. The Bank of Cyprus Group comprises Bank of Cyprus Holdings Public Limited Company, its subsidiary Bank of Cyprus Public Company Limited and its subsidiaries.

 

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