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Coop Central Bank Reduces Branches to 160

Coop Central Bank Reduces Branches to 160

The unitary Coop bank will be composed of seven regional managements after the completion of the merger of 18 Coop Credit Institutions.

As part of the merger, the network of Coop branches will be reduced by 90 out of the total 250 maintained across Cyprus.

In every district (Nicosia, Limassol, Larnaca, Famagusta and Paphos) a regional management branch will be created, with a further district created in Troodos, and another one which will cover all professional savings banks.

The choice for which branches would be shut down was subject to a comprehensive study prepared for the Cooperative Central Bank (CCB) by external advisors on the basis of socio-economic criteria, size, clientele, and location.

The drastic reduction in the number of Coop branches, along with the simultaneous creation of seven regional managements will decisively change the size and distribution of the network of the bank said Yiannos Stavrinides, head of strategy and communication at the CCB.

Of the 160 Coop branches, 51 will operate in Nicosia, 25 in Limassol, 29 in Larnaca, 12 in Troodos, 14 in Famagusta, and 19 in Paphos.

In Nicosia an additional five branches will operate under the regional management of professional savings banks, InCyprus reports.

According to Stavrinides the reduction in the bank’s spending will not be decisive since, as he explained, the employees who were working at the 90 branches which have been shut down will be absorbed by the end of July by other branches in need of more employees.

Stavrinides noted that the reduction in cost for the bank is limited to operational costs such as electricity, water, telephones, and in some cases, rent.

“We will have fewer branches, but they will be better staffed”, said Stavrinides.

He stressed that all the branches will offer a full range of bank services, something which was not the case in the past.

He added that soon the offer of personal bankers will become standard to better serve each Coop client.

The announcement for the reduction of the Coop’s branches has troubled local communities, which are afraid they will lose the branch closest to them.

On Wednesday the Cyprus Communities Union criticised the Coop leadership for its move to shut down branches, and urged its members to withdraw their deposits.

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