NICOSIA Aug 2 Bank of Cyprus said on
Friday that a quarter of its staff had applied for a voluntary
retirement programme 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 Laiki, Cyprus's second-largest
(Writing By Michele Kambas; editing by Tom Pfeiffer)