The Cyprus Bank Employees Union (ETYK) has announced the completion of Bank of Cyprus' acquisition of assets from CDB Bank, highlighting what it described as its key role in shaping the final agreement and safeguarding employees' rights.
According to the union, negotiations led to significant improvements in the Voluntary Early Retirement Scheme, with the maximum compensation available to eligible employees rising from €200,000 to €350,000.
Enhanced departure package
ETYK said its interventions secured an increase in the ceiling for compensation under the voluntary exit scheme, describing the revised package as a substantial improvement over the original proposal.
The enhanced scheme forms part of the arrangements accompanying the transfer of business from CDB Bank to Bank of Cyprus.
Staff to transfer with rights protected
The union also said that all employees who did not opt for voluntary departure will transfer to Bank of Cyprus.
According to ETYK, affected staff will retain all employment rights and continuity of service following the transfer.
The union added that it will continue monitoring the implementation of the agreement.
Deal first announced in March
On 23 March 2026, CDB Bank announced that it had reached an agreement with Bank of Cyprus on the financial and legal terms governing the sale of a portfolio of performing loans, deposits and certain other assets and liabilities.
The transaction includes approximately €150 million in performing loans and around €500 million in deposits.
