Hellenic Bank and Etyk sign new collective agreement

Hellenic Bank and bankers’ union Etyk have signed a new collective agreement, according to an official announcement released on Monday.

“This agreement brings to an end a prolonged period of unnecessary and damaging disputes, which had caused numerous issues and uncertainty for the future of both the bank and its staff,” said Etyk in a statement following the signing.

This agreement builds on a preliminary accord which was reached with the mediation of Labour Minister Yiannis Panayiotou.

Etyk’s honourary president Loizos Hadjicosti signed on behalf of the union, while Hellenic Bank CEO Michalis Louis signed for the bank.

According to Etyk, the new accord will “immediately improve relations between the two sides”.

The union added that the signing “provides a foundation for future negotiations for the renewal of the collective agreement between Etyk and the Association of Cyprus Banks”.

One of the key aspects of the new agreement is the inclusion of all Hellenic Bank employees under the same pay and benefits structure, unifying staff from both the former Cyprus Cooperative Bank and Hellenic Bank under a consistent framework.

The union said that this represents a significant step “towards eliminating any formal distinction” between employees of the two entities.

As previously reported, Hellenic Bank and Etyk finalised terms for a new collective agreement last week.