Bank of Cyprus is closing 15 branches as it restructures its branch network, adapting to a shift to online banking.
In an internal memo to employees obtained by the Cyprus News Agency, BoC said that staff will be reassigned to other branches, depending on needs.
The branches that will affected will be announced in next few days.
The move will cut down on operating costs. There will be no staff cuts, but personnel will be transferred to other branches and other duties.
According to the memo, 75% of bank transactions are carried out online. For individuals, the percentage is a higher 89%. Nine out of 10 cash withdrawals are from ATMs while applications for loans through 1bank are on the rise. In addition, 92% of bank transfers are carried out online, which means quicker and cheaper service for clients.
It added that Bank of Cyprus was following the same road taken by the biggest banks worldwide, combining advanced technology and high qualified staff to offer quicker, simpler and better quality service to clients.
BoC will remain the largest and most important bank in Cyprus irrespective of the number of branches, as it holds the biggest market share in loans, deposits, credit card business, etc, it concluded.