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Hellenic Bank shaves 220 jobs in voluntary early exit scheme

Hellenic Bank Public Co. Ltd. completed a voluntary early exit scheme, under which employees of the Greek lender's group of companies were given the right to apply for voluntary exit from the group in exchange for a payoff.

Around 220 applications were approved for participation in the scheme, equivalent to around 14% of the group's employees, with their annual payroll cost estimated to be around €14 million. The total cost for the bank, which is expected to be approximately €42 million, will affect its financial results for the quarter ending Dec. 31.

Hellenic Bank said the scheme is part of its reorganization process and its efforts to strengthen its financial position, and is in line with its strategy to reduce its operating cost structure and enhance its earnings generating capacity.