(Alliance News) - Bank of Cyprus Holdings PLC on Thursday said it expects to save EUR28 million annually following completion of a voluntary staff exit plan.
The voluntary redundancy scheme was aimed at achieving a lean operating model and a lower cost base over time, the Strovolos, Cyprus-based bank said, adding that around 470 applicants, or 11% of total staff, were approved to leave at a one-time cost of EUR79 million.
The staff redundancy cost will be recorded in the company's fourth quarter income statement income statement.
Bank of Cyprus Holdings shares were down 1.7% at EUR1.27 each in London on Thursday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Bk. Cyprus Hldg (BOCH)