Cyprus banks closed 370 branches and cut thousands of employees over ten years

Cyprus banks closed 370 branches and cut thousands of employees over ten years

According to the European Central Bank, between 2015 and 2025 Cypriot banks closed 370 branches, while their staff decreased by 4,634 people. The large-scale optimisation began after the 2013 crisis and is now actively continuing due to digitalisation — most customers have moved to mobile apps and online banking, so there is no longer any sense in maintaining physical offices.

Job cuts on the island are still ongoing amid major mergers (for example, Eurobank and Hellenic Bank). However, Cyprus is not unique in this respect — physical branches are now being closed on a large scale across the European Union.