Completion of voluntary early exit scheme

29 November 2022

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 costs and achieve sustainable profitability.

The Scheme was offered to employees of the Bank and its subsidiaries (the “Group”) to voluntarily exit from the Group in consideration for an ex-gratia amount.

Around 450 employees (approximately 17% of the Group’s employees) were approved to participate in the Scheme for an expected total cost to the Group of c. €70 mn.  The Scheme cost is expected to affect the Group’s financial results for the quarter ending 31 December 2022.  The annual payroll cost of these employees is around €30 mn, with the respective saving commencing from 2023, notwithstanding any salary increases for the remaining staff.

Mr. Petros Arsalides, officiating the duties of the Chief Executive Officer, stated: “The completion of the Scheme marks a significant milestone in the Bank’s transformation process and its efforts to further strengthen its financial position.  On behalf of the Management Board, I would like to thank our colleagues who are leaving the Group for their valuable services and to assure our customers and stakeholders of our strong commitment to continue offering high-quality service.”

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