Completion of Voluntary Early Exit Scheme
8 December 2017
Hellenic Bank Public Company Limited (the Bank) announces the successful completion of a voluntary early exit scheme (the scheme), in line with the Bank's strategy to reduce its operating cost structure and to enhance its earnings generating capacity.
The Scheme gave employees of the Bank's group of companies (the Group) the right to apply for voluntary exit from the Group in consideration of an ex gratia amount.
Through the Scheme, around 220 applications have been approved for the participation in the Scheme (equivalent to approximately 14% of the Group's personnel). The total cost to the Group is expected to be approximately €42 million. The Scheme's cost is expected to affect the Bank's financial results for the quarter ending 31 December 2017. It is noted that the annual payroll cost of these applicants is around €14 million.
The completion of the Scheme marks a significant ste in the Bank's reorganization process and its efforts to strengthen its financial position.
HELLENIC BANK PUBLIC COMPANY LIMITED