ECONOMY

Quarter of BoC staff apply for voluntary retirement

Bank of Cyprus said on Friday that a quarter of its staff had applied for a voluntary retirement program that would help cut its annual personnel expenses by about 35 percent.

The Cypriot lender, which recently imposed a bail-in on depositors, forcing the conversion of 47.5 percent of savings exceeding 100,000 euros into equity, said 1,370 employees would be leaving the group.

“Successful completion of the voluntary retirement scheme is an important step towards the group’s restructuring,” the bank said in a statement.

Conditions attached to 10 billion euros in aid from international lenders included the bail-in of depositors in Bank of Cyprus and the winding down of Cyprus Popular (Laiki) Bank, Cyprus’s second-largest lender.

[Reuters]