Hellenic Bank, Cyprus’ third largest, said that it approved 220 applications for its voluntary retirement scheme which will help it reduce its annual payroll by €14m.
“The total cost to the group is expected to be approximately €42m,” the bank said in a statement on the website of the Cyprus Stock Exchange on Friday. “The completion of the scheme marks a significant step in the bank’s reorganisation process and its efforts to strengthen its financial position”.
The cost of the voluntary retirement scheme which provided a compensation of up to €200,000 per beneficiary, “is expected to affect the bank’s financial results for the quarter ending December 31, 2017,” the bank said.
Source: Cyprus Mail
