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Bank of Cyprus announced restructuring plan

Bank of Cyprus made an announcement that it is planning to close 15 branches, as part of its restructuring. According to the Bank’s statement, these branches are to merge with other Bank of Cyprus outlets, while no bank personnel will be affected by this move which reflects “the rationalisation process of the bank’s network, the strengthening of branches and reduction of the most tedious elements of our daily routine".

The reduction of branches will cut operating costs of the bank, and the customers will be served faster and easier. The bank stated in the press release that about 75 per cent of its total transactions are not carried out over the counter, and only 83 per cent of transactions carried out by individuals are made in the branches. Also, 92 per cent of money transfers through the accounts is done digitally.

Bank of Cyprus follows the global trend of banks who are trying to reduce their number of branches in order to boost speed, comfort and lower costs by switching more operations from offline to online banking.

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