REG - Bank of Cyprus Hldgs - Completion of a small-scale targeted VEP

Bank of Cyprus HoldingsAnnouncement

17/12/2021 13:25

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RNS Number : 0774W  Bank of Cyprus Holdings PLC  17 December 2021

 

 

Announcement

 

Completion of a small-scale targeted Voluntary Staff Exit Plan

 

Nicosia, 17 December 2021

 

 

 

 

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

Through the Plan, 100 applicants have been approved to leave at a total cost
of

c.€16 mn, with an average payback period of 2.4 years. The total cost is
expected to be recorded in the consolidated income statement in the fourth
quarter. The estimated annual savings amount to c.€6.6 mn.

The Group remains committed to its medium-term strategic priority of improving
operating efficiencies, facilitated by digital transformation.

For further information, please contact Investor Relations at
investors@bankofcyprus.com (mailto:investors@bankofcyprus.com) .

 

 

 

1      Based on the Group financial results for the nine months ended 30
September 2021.

 

 

 

 

 

 

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 90 branches in Cyprus, of
which 10 operate as cash offices. Bank of Cyprus also has representative
offices in Russia, Ukraine and China. The Bank of Cyprus Group employs 3,558
staff worldwide. At 30 September 2021, the Group's Total Assets amounted to
€24.5 bn and Total Equity was €2.1 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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