Bank of Cyprus Holdings PLC Completion of Voluntary Staff Exit Plan (7613R)
31 Octubre 2019 - 2:03AM
UK Regulatory
TIDMBOCH
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.470(1) applicants have been approved to
leave at a total cost of
c.EUR79 mn(1) , 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.EUR28 mn or
c.13% of staff costs(2,3) .
For further information, please contact Investor Relations at
investors@bankofcyprus.com.
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 EUR21.9 bn and
Total Equity was EUR2.5 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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