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Banking network shrinks by over half

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Cyprus’ banking network has shrunk by a quarter in the past three years, as many branches have closed and the workforce reduced as banks go digital.

According to the Association of Cyprus Banks, the number of Cypriot bank branches decreased to 260 in 2021 from 282 in 2020 and 328 in 2019, meaning that the banking network shrunk 26.15% in the past three years.

In the past nine years, the number of bank employees has decreased by 59.22%, with 4,781 employees leaving the profession.

The figure does not include the 550 Bank of Cyprus employees who have accepted an early retirement deal this summer.

Some 590 bank branches have closed down in the past nine years, as Cyprus banks argue they are seeking to streamline their network, as most customers conduct their transactions electronically.

Based on the data provided by the Banking  Association for 2021, bank networks are as follows:

  • Bank of Cyprus has 90 branches in operation, 156 ATMs, and 2,996 employees (2021 figures do not include the closure of branches and the departure through a voluntary exit plan of 550 employees in 2022).
  • Hellenic Bank: Number of branches 79, ATMs 192, employees 2,610.
  • Alpha Bank: Number of branches 17, ATMs 20 and employees 492.
  • National Bank of Greece: Number of branches 2, ATMs 5, employees 128.
  • CDB Bank: Number of branches 2, 0 ATMs, employees 148.
  • Astrobank: Number of branches 14, ATMs 15, employees 444.
  • Societe Generale: Number of branches 3, ATMs 3, employees 102.
  • Eurobank: Number of branches 8, 0 ATMs, employees 435.
  • Ancoria Bank: Number of branches 3, ATM 5, employees 108.

The Association of Cyprus Banks represents 10 banks operating in Cyprus, and seven associate members, which includes a state-owned financial institution, two asset management companies and a debt servicing agency.

The member banks employ approximately 9,000 professionals and have a market share of over 90% in local lending and deposits.

In addition to traditional deposit and lending, banks have established subsidiaries that provide short- and medium-term credit, finance facilities, investment services (such as asset management, investments, advice and brokerage), and insurance services.