Cyprus Popular Bank to Close 65 Branches and Cut Pay, CyBC Says

Cyprus Popular Bank pcl plans to close 65 branches in Cyprus and Greece by the end of the year, to reduce operating expenses and boost profit, Cyprus Broadcasting Corp. reported, without citing anyone.

The total branch network will be reduced to 225 and staff pay and benefits will be cut, the state broadcaster said on its website today. In Greece, pay cuts will mainly affect higher- paid executives and the lender expects a large number of resignations, CyBC said.

To contact the reporter on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

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