Bank of Cyprus Holdings PLC Renewal of collective agreement (2980G)
2021年7月23日 - 6:55PM
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RNS Number : 2980G
Bank of Cyprus Holdings PLC
23 July 2021
Announ cement
Renewal of collective agreement
Nicosia, 23 July 2021
Bank of Cyprus Holdings Public Limited Company ("BOC Holdings"
and, together with its subsidiary, Bank of Cyprus Public Company
Limited (the "Bank"), and the Bank's subsidiaries, the "Group")
announces today that the Bank has reached agreement with the Cyprus
Union of Bank Employees for the renewal of the collective agreement
in respect of 2021 and 2022.
The Group is making good progress on implementing a number of
initiatives to improve the efficiency of its operating model,
enabled by digital transformation. In this context, the Bank has
agreed upon certain changes to the collective agreement, including
the introduction of a new pay grading structure linked to the value
of each position of employment, and of a performance-related pay
component as part of the annual salary increase, both of which have
been long-standing objectives of the Bank and are in line with
market best-practice.
The renewal of the collective agreement is expected to increase
staff costs for 2021 and 2022 by 3-4% per annum, in line with the
impact of renewals in previous years. However, when taking into
consideration the impact from the various efficiency initiatives,
the Group's medium-term guidance, which includes maintaining annual
total operating expenses(1) below EUR350 mn, remains unchanged.
For further information, please contact Investor Relations at
investors@bankofcyprus.com .
(1) 'Total operating expenses' comprise staff costs and other
operating expenses. 'Total operating expenses' exclude the 'special
levy and contributions to the Single Resolution Fund (SRF) or
Deposit Guarantee Fund (DGF)' and do not include any advisory or
other restructuring costs.
Group Prof i le
The Bank of Cyprus Group is the leading banking and financial
services group in Cyprus, providing a wide range of financial
products and services which include retail and commercial banking,
finance, factoring, investment banking, brokerage, fund management,
private banking, life and general insurance. The Bank of Cyprus
Group operates through a total of 91 branches in Cyprus, of which
11 operate as cash offices. Bank of Cyprus also has representative
offices in Russia, Ukraine and China. The Bank of Cyprus Group
employs 3,557 staff worldwide. At 31 March 2021, the Group's Total
Assets amounted to EUR23.0 bn and Total Equity was EUR2.1 bn. The
Bank of Cyprus Group comprises Bank of Cyprus Holdings Public
Limited Company, its subsidiary Bank of Cyprus Public Company
Limited and its subsidiaries.
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