12/06/2013 15:56
Bank of Cyprus Management and Directors sent messages of optimism for the restructuring and normalization of the situation, stressing that the largest financial institution of Cyprus will be able to regain the trust of the clients and associates until early 2014.
Developments in Bank go fast and the new management is determined to implement the changes needed to get back on track.
One of the moves is the separation of the banking and other operations of BOCY, with the creation of tBank of Cyprus Holdings, which will manage non-banking operations and assets of the bank in Cyprus and abroad.
The Bank seeks to focus on core banking activities and the establishment of a new company aims at the gradual disposal of assets not considered important for its function.
The management of the organization emphasizes that the company will contribute to the strengthening of the bank's liquidity particularly at this difficult juncture.
Everybody in Ayia Paraskevi is optimistic despite difficulties. They have created the first working groups from executives of the two banks who meet on a weekly basis. The meetings are attended by representatives of the Ministry of Finance and the Central Bank.
Their goal is to accelerate the restructuring of the bank, to reduce costs, to save labour costs, to integrate the services of the two banks and to achieve a rational structure that will give perspective to Bank of Cyprus.
Already, the administration says, an overall evaluation of the branch network, evaluation of costs, clientele and location of stores is being carried out.
In order to reduce the number of branches, the competent committee has selected the first branches that will close. Twenty will close in early July and ten at end of the month.
This will be a first screening in regards to reducing the number of branches.
As for the negotiations between the employers and ETYK for the implementation of the voluntary retirement plan, reports say that consultations between the two sides have been mounted in the last few days and it is a matter of time to issue the first announcements.
Another important point to Bank of Cyprus is the anticipated completion of the evaluation of the bank's assets by KPMG London.
Developments in Bank go fast and the new management is determined to implement the changes needed to get back on track.
One of the moves is the separation of the banking and other operations of BOCY, with the creation of tBank of Cyprus Holdings, which will manage non-banking operations and assets of the bank in Cyprus and abroad.
The Bank seeks to focus on core banking activities and the establishment of a new company aims at the gradual disposal of assets not considered important for its function.
The management of the organization emphasizes that the company will contribute to the strengthening of the bank's liquidity particularly at this difficult juncture.
Everybody in Ayia Paraskevi is optimistic despite difficulties. They have created the first working groups from executives of the two banks who meet on a weekly basis. The meetings are attended by representatives of the Ministry of Finance and the Central Bank.
Their goal is to accelerate the restructuring of the bank, to reduce costs, to save labour costs, to integrate the services of the two banks and to achieve a rational structure that will give perspective to Bank of Cyprus.
Already, the administration says, an overall evaluation of the branch network, evaluation of costs, clientele and location of stores is being carried out.
In order to reduce the number of branches, the competent committee has selected the first branches that will close. Twenty will close in early July and ten at end of the month.
This will be a first screening in regards to reducing the number of branches.
As for the negotiations between the employers and ETYK for the implementation of the voluntary retirement plan, reports say that consultations between the two sides have been mounted in the last few days and it is a matter of time to issue the first announcements.
Another important point to Bank of Cyprus is the anticipated completion of the evaluation of the bank's assets by KPMG London.
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