Cyprus' banking sector presents a markedly different picture today compared to the 2012–2013 period, with the number of banks, employees, branches and ATMs having fallen significantly—in some cases by as much as half.
It is worth noting, however, that the Cypriot banking system differs in many respects from what it was 13 or 14 years ago. Technology has completely transformed the sector, with banks undergoing digital transformation and now offering a wide range of products exclusively through their digital channels.
In addition, since 2012 a series of developments—primarily acquisitions and mergers—has fundamentally reshaped the country's banking landscape.
First, Cyprus Popular Bank (Laiki Bank) was closed, with the Bank of Cyprus absorbing its viable operations. This was followed by the closure of the Cyprus Cooperative Bank, the healthy assets and deposits of which were acquired by Hellenic Bank, while Hellenic Bank more recently merged with Eurobank Cyprus. Even more recently, the Bank of Cyprus announced an agreement to acquire cdbbank.
Furthermore, RCB Bank surrendered its banking licence, Alpha Bank Cyprus acquired Emporiki Bank, Piraeus Bank Cyprus was renamed AstroBank, which subsequently acquired USB Bank. AstroBank itself was recently acquired by Alpha Bank Cyprus. During the same period, Ancoria Bank was established, while the Housing Finance Corporation became a licensed bank and is now a member of the Association of Cyprus Banks.
As a result of these developments, the number of people employed in the banking sector is considerably lower than it was in 2013, while more than half of all bank branches have closed.
More specifically, according to data compiled by InBusinessNews from the annual reports of the Association of Cyprus Banks, over the past 13 years the sector has lost 3,020 banking employees—a figure expected to rise further as banks continue to announce voluntary redundancy schemes. During the same period, 229 bank branches closed and the number of ATMs declined by 102.
Moreover, whereas the Association of Cyprus Banks had 12 member banks in 2013, it now has just eight.
The Banks in 2013
According to the Association of Cyprus Banks' Annual Report 2012–2013, at the beginning of 2013 the Association had 12 member banks employing 9,273 staff, operating 384 branches and 423 ATMs.
Bank of Cyprus
- Branches: 125
- ATMs: 135
- Employees: 3,220
Cyprus Popular Bank (Laiki Bank)
- Branches: 93
- ATMs: 113
- Employees: 2,263
Hellenic Bank
- Branches: 66
- ATMs: 73
- Employees: 1,417
Alpha Bank Cyprus
- Branches: 31
- ATMs: 34
- Employees: 755
National Bank of Greece (Cyprus)
- Branches: 14
- ATMs: 17
- Employees: 273
Emporiki Bank
- Branches: 9
- ATMs: 10
- Employees: 192
USB Bank
- Branches: 16
- ATMs: 16
- Employees: 233
cdbbank
- Branches: 2
- ATMs: 2
- Employees: 107
Société Générale Bank Cyprus
- Branches: 5
- ATMs: 6
- Employees: 134
Piraeus Bank Cyprus
- Branches: 14
- ATMs: 14
- Employees: 309
Eurobank Cyprus
- Branches: 7
- ATMs: 0
- Employees: 184
Russian Commercial Bank (Cyprus) Ltd
- Branches: 2
- ATMs: 3
- Employees: 186
The Banks in 2026
According to the Association of Cyprus Banks' Annual Report 2025–2026, at the beginning of this year the Association had eight member banks employing 6,253 staff, operating 155 branches and 321 ATMs.
Bank of Cyprus
- Branches: 56
- ATMs: 132
- Employees: 2,447
Eurobank
- Branches: 59
- ATMs: 156
- Employees: 2,450
Alpha Bank Cyprus
- Branches: 25
- ATMs: 26
- Employees: 746
National Bank of Greece (Cyprus)
- Branches: 2
- ATMs: 4
- Employees: 143
Ancoria Bank
- Branches: 3
- ATMs: 0
- Employees: 138
cdbbank
- Branches: 2
- ATMs: 0
- Employees: 133
Société Générale Bank Cyprus
- Branches: 3
- ATMs: 3
- Employees: 113
Housing Finance Corporation
- Branches: 5
- ATMs: 0
- Employees: 83
(Source: InBusinessNews)
