Cyprus Internet Directory Jobs In Cyprus
  Cyprus Internet Directory Search       
Google Search
Cyprus Internet Directory Search
Cyprus Comming Events    Cyprus 
Cyprus News Articles    Cyprus News 
and Articles
Cyprus Guide    e Guide
to Cyprus
Quick Links

By Peter Stevenson MEMBERS of Volunteer Doctors Cyprus have treated around 350 people at their free clinic in Nicosia since it opened three months ago, while two more, one in Paphos and one in Polis are due to open today. Limassol also has a free clinic, which was opened only last month, and plans have been drawn ...
Read More

SOME 10 days ago, foreign minister Ioannis Kasoulides raised expectations by announcing the possibility of a deal with Turkey for the opening of the fenced off area of Famagusta, for the return of its inhabitants. In exchange the Cyprus government would agree to the opening of Tymbou airport to direct flights. ...
Read More

By George Psyllides PRIVATE auditors have expressed doubt the electricity authority (EAC) could be considered a going concern and have asked its board to draft a credible plan to tackle the problem, according to the auditor-general’s 2012 report on the semi-state company. Among other issues, ...
Read More

Cyprus Internet Directory [ Popular Bank to close local branches and cut staff ]

Popular Bank to close local branches and cut staff

POPULAR Bank - the island’s second largest lender - will be shutting down branches in Cyprus and Greece as part of a restructuring plan.

It announced that it will be making staff redundant and will continue shutting down branches. 

Popular Bank has reportedly enlisted auditor KPMG to draw up a plan by the end of the month. 

The bank needs €1.8 billion to recapitalise and has asked for state assistance to cope with significant losses after a Greek debt write-down at the end of last year. 

In both Cyprus and Greece, the bank will shut down branches and cut wages. 

In Greece, the bank will keep branches in urban areas and financial hubs, renegotiate rents, and reorganise staff structure. 

About 65 branches are due to shut down. 

Several hundreds of employees may be made redundant, Stockwatch, the online financial news portal, said adding that this was envisioned as a five-year plan. 

One way of reducing staff may be by encouraging employees to take early retirement. 

The Bank of Cyprus - the island’s biggest lender - is also due to change its communication structure to have top executive staff in Cyprus report directly to CEO Yiannis Kypri. Kypri took over from Andreas Eliades who resigned his post.

The Bank of Cyprus has asked for €500 million. 

(Source: Cyprus Mail)
Copyright © Cyprus Mail 2008 Please contact Cyprus Mail for the copyright terms of this article.

Article Options

Email to a friend Email To A Friend     Print Article Print Article     Add Article To Favorites Add Article To Favorites


Other Related Articles

Cyprus News Article Submission

If you have an article and you wish to submit it to our database please send us an email. In your email subject quote "Article Submission" and attach the article to the email. To email us Click Here

Cyprus Holiday Villas-Investment Properties

A wide range of holiday villas, investment properties, building plots and apartments in Cyprus for sale by owner. Save money on your holiday villa in Cyprus and enjoy the holiday feeling for ever.