Up until July 4, Bank of Cyprus will have reduced the number of its branches by 15. Cyprus’ biggest lender intends to shut down seven branches in Nicosia, five in Larnaca-Famagusta and three in Limassol-Paphos.
There are currently 75 branches operating on the island and from July 4 there will only be 60. In 2019, there were 86 branches.
The number of ATMs will also be reduced. In the last three years (2019-22) Bank of Cyprus has closed a total of five cash machines. The Bank of Cyprus network, at present, has a total of 156, while in 2019 it had 161. In July, however, another 15 ATMs will close. According to data leaked from the bank, the annual cost that it incurs for each machine amounts to 30,000 euros, which is paid to partners and includes the cost of space, maintenance and feedback.
To compensate customers for the closure of branches and ATM locations, Bank of Cyprus customers will be able to receive cash back, up to €100, when making purchases at stores such as bakeries, supermarkets, fuel stations etc. using their debit cards. BoC also notes a large part of the transactions made by customers is done online on their PCs or cellphones.