Filenews 20 May 2024
It radically changed the banking growth model with the closure of bank branches, the reduction of the number of bank employees and ATMs, despite the fact that the size of the banking market remained at the same level. But there are two major differences in the last decade.
Customers are served by alternative electronic channels and digitally and not necessarily through the network, while three banks, Laiki Bank, Cooperative and RCB Bank, were closed. Smaller bank acquisitions and mergers contributed to the reduction in banks' size, such as the acquisition of Emporiki Bank by Alpha Bank in 2014 and the absorption of USB by Astrobank.
Even in a period of high interest rates and high profitability, banks have as a principle the implementation of a more general cost reduction plan and have made a great effort to reduce their staff through voluntary exit plans, and their branches due to the digitalization of their operations. The 2023 data collected by the Association of Greek Banks ahead of the annual general meeting on June 18 and obtained by Phileleftheros show that the current growth model of banks is not related to the past.
In 2023, the number of bank branches was 157 and the number of employees 6,391, and essentially the banking network decreased by 81.5% and bank employees by 50.12%. More specifically, in 2023, each bank had the following data: Bank of Cyprus: 60 branches, ATMs 136, number of employees 2.499, Hellenic Bank: branches 53, ATMs 156, number of employees 2.147, Alpha Bank Cyprus: branches 12, ATMs 16, number of employees 374, National Bank of Greece (Cyprus): branches 2, ATM 5, number of employees 121, cdb Bank: branches 2, ATM 0, number of employees 133, Societe Generale Bank Cyprus: branches 3, ATMs 3, number of employees 108, AstroBank: branches 14, ATMs 15, number of employees 411, Eurobank Cyprus: branches 8, ATMs 0, number of employees 472, Ancoria Bank: branches 3, ATMs 5, number of employees 16, Housing Finane Corporation: branches 5, ATMs 0, number of employees 86.
