FINANCE: Bank of Cyprus to close 15 branches in restructuring drive

The island’s largest lender, Bank of Cyprus announced that it is to close 15 branches as part of a restructuring plan.

In statement released on Friday by its director of Consumer Banking Charis Pouangare, the bank states that 15 branches are to merge with other BoC outlets. There were no further details on which branches are to close.

According to the announcement, no personnel are to be affected and “the move reflects the rationalisation process of the bank’s network, the strengthening of branches and reduction of the most tedious elements of our daily routine".

BoC said downsizing reduces the operating costs, with a corresponding benefit to the cost paid by the customer.

Nobody is to lose their job from the restructuring process, but some employees will be asked to move to other branches.

 “Some 75% of our total transactions are not carried out at the ‘counter’, while only 83% of transactions carried out by individuals are made within the bank’s branches.

“Nine out of 10 withdrawals are made at ATMs, while loan applications through the 1bank application are increasing daily. In addition, 92% of the money transport is done digitally. This means that customers are served faster, cheaper and easier”.

BoC is following the global trend of banks who are trying to reduce their costs and number of branches in order to serve their customers better.

Changes which, as the announcement says, have been imposed by customers who demand speed, comfort, lower costs and the directness of a digital channel.