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Cyprus outstrips most of EU when downsizing bank branches

 

 

According to figures released by the European Banking Federation, European banks last year put a “padlock” on 9,100 branches, abolishing about 50,000 jobs.

Based on EBF data the number of bank branches in the EU declined by 4.6% at the end of 2016, to 189,000, as customers are increasingly turning to online banking services.

Total staff employed in the European financial sector has fallen to 2.8 million employees, the lowest since 1997.

The countries that experienced the largest contraction in absolute terms were France (-127 units), Spain (-64 units), Cyprus (-44 units) and Denmark (-42 units).

The number of credit institutions is higher in Estonia (+6), the United Kingdom (+3), Luxembourg (+ 1 unit) and Slovenia (+1 unit).

Based on figures from the European Banking Federation, the number of banks in Cyprus is 57, with a value of assets of € 91.15 billion, loans € 65.17 billion, deposits € 48.86 billion, , capital and reserves of € 20,80 billion and staff numbers of 10,956.

In Greece, the number of banks is 40 and the number of staff is 45,654.

In Spain the number of credit institutions is 226 and the number of employees is 201,643, in Portugal the number of banks is 150 and the number of employees is 53,888.

Ireland has 446 banks and 28,871 employees.

In the Eurozone, the number of credit institutions is 1,663 and bank employees 860,805. In the European Union of “28” the number of banks is 7,267 and the number of employees is 2,889,320.

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