What is mentioned in the bank’s annual report for 2024
The cost of leaving 154 employees in the context of voluntary exit, the Hellenic Bank has been estimated at € 24.2 million.
As stated in the bank’s annual report released yesterday, February 17, 2025, the bank announced the launch of a voluntary early departure plan that was in force until March 11, 2025.
The plan is in the form of voluntary retirement and concerns the permanent staff of the Bank, the Pancyprian Insurance Ltd and the Hellenic Life Insurance Company Ltd and the maximum amount of compensation to be granted to those who joined the project will be up to € 200 mm.
With the completion of the plan, 154 employees (about 7% of the group’s employees) were approved to participate, leading to a total cost for the group about € 24.2 million and the estimated annual savings in payroll costs is around € 11.2 million.
It is recalled that the Bank’s CEO Michalis Louis, speaking Wednesday at a working lunch given by the Group’s management to a group of journalists, answering a question on workers’ concerns if the bank would proceed with a surplus plan. Anything we do, he added, will be with the agreement of the guilds. Where there is a change, he pointed out, there is insecurity.
He noted, however, that the interest shown in the voluntary exit plan was not satisfactory.
The bank’s goal was to leave about 400 employees.