Reduction of Bank Branches in Cyprus Over Recent Years
March 11, 2026
In Cyprus, the number of bank branches has dramatically decreased in recent years, breaking European records for closed branches. Specifically, the number of branches per 100,000 residents has fallen from 137.3 in 2002 to just 19.4 in 2024. A study published by the Central Bank examines the banking sector and competition in the eurozone. There have also been declines in both the number of banking institutions and employment in this sector. The shift towards digital banking and network consolidation are significant factors behind these changes.