Internal restructuring
Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64 - Financial service activities, except insurance and pension funding

2,182 - 2,000 jobs
Number of planned job losses
Job loss
Announcement Date
19 July 2013
Employment effect (start)
3 September 2013
Foreseen end date


Piraeus bank Group launched a voluntary redundancy plan for 1,800 to 2,000 employees in Greece. The plan refers to employees of the Piraeus bank and all its subsidiaries: Agricultural Bank (ATEbank), Geniki Bank, Bank of Cyprus, Cyprus Popular Bank, Hellenic Bank and Millennium Bank Greece (MBG).

The programme envisages compensations depending on the tenure, age, monthly wages and other criteria. The call will be open till 2 September 2013 and entails a bipartite agreement between the employer and each employee for the termination of the employment contract.

As announced, the restructuring is due to the continuing bad economic conditions and the recent take overs of the smaller banks. Pireaus bank is the second largest one in Greece and completed a recapitalisation the previous month in order to restore its solvency. 

The redundancies will start taking place after September 2013.

Updated  10-09-2013

As announced, the final voluntary redundancy plan refers to 2,182 people, almost 12% of the total group's workforce in Greece. 


  • 10 September 2013: Skai
  • 19 July 2013: Reuters
  • 19 July 2013: Kathimerini
  • 19 July 2013: Kerdos


Eurofound (2013), Piraeus Bank Group, Internal restructuring in Greece, factsheet number 75693, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/75693.