Bank of Cyprus

Bank of Cyprus Public Company Ltd
Τράπεζα Κύπρου Δημόσια Εταιρεία Λίμιτεδ
Native name
Τράπεζα Κύπρου Δημόσια Εταιρεία Λίμιτεδ
Public Company
Traded as CSE: BOCY
Athex: BOC
Industry Banking, Financial services
Founded 1899
Headquarters Strovolos, Nicosia, Cyprus
Number of locations
Decrease130 (H1 2016)
Area served
Cyprus, UK
Key people
Josef Ackermann (Chairman)
Wilbur Ross (Vice Chairman)
John Hourican (CEO)
Products Retail and business banking, Credit cards, mortgage loans, corporate banking, factoring, insurance, brokerage, private banking, wealth management, Investment management, investment banking.
Revenue Decrease641 million (H1 2016)[1]
Decrease€254 million (H1 2016)[1]
Profit Decrease€56 million (H1 2016)[1]
Total assets Decrease€22.38 billion (Q3 2016)[1]
Total equity Decrease€3.05 billion (H1 2016)[1]
Number of employees
Decrease4,279 (H1 2016)[1]
Subsidiaries General Insurance Cyprus
EuroLife (Cyprus)
Capital ratio Common equity Tier 1 capital = 13.6% (Fully Loaded Basel III)

Bank of Cyprus (Greek: Τράπεζα Κύπρου) is a major Cypriot financial institution. In terms of market capitalisation, of 1.06 Billion Euro on 2 December 2016, it is the country's biggest bank. As at September 2016, the bank held a 30.3% share of the Cypriot deposit market (Euro 13.3 Billion) and a 41.1% share of the Cypriot loan market (Euro 19.2 Billion), making it the largest bank in Cyprus. The Bank of Cyprus Group employs 4,279 staff worldwide and 4,000 in Cyprus.

Current operations

The Group currently operates through a total of 130 branches/business offices, of which 125 operate in Cyprus, four in the United Kingdom, (Euro 1.23 Billion in loans), one in Romania (Euro 221 million net exposure). The group has representative offices in Greece, (Euro 368 million net exposure) Russia, (Euro 42 million net exposure)[2]Ukraine and China.

The shares of the bank are listed on the Cyprus Stock Exchange (CSE). The Bank is the largest listed company on the CSE in terms of market capitalization. Since October 8, 2007 the Bank of Cyprus has been part of the Cyprus 10 Index, which comprises the 10 largest companies in Cyprus. The Bank of Cyprus is also listed on the Athens Exchange and had been part of the FTSE/Athex Large Cap index from 9 October 2006 until March 2013. However in late 2016 it has announced plans to de-list from Athens and list on the London Stock Exchange in 2017.[3] The four largest shareholders as at December 2014 are Cyprus Popular Bank Public Co Ltd, with a holding of 9.624%, Renova Group, with a holding of 9.6%, TD Asset Management, with a holding of 5.232% and the European Bank for Reconstruction and Development, with a holding of 5.021%. All except the Cyprus Popular Bank have a seat on the board of directors.

The bank adopted as its emblem the ancient Cypriot coin bearing the inscription ΚΟΙΝΟ ΚΥΠΡΙΩΝ ("Common to all Cypriots").


Bank of Cyprus headquarters next to Central Bank of Cyprus
Bank of Cyprus new offices in Aglandjia suburb of Nicosia
BoC bid for Interbank in New York for about $43 million. Interbank was 78% owned by Greek businessman Dimitris Kontominas, and the remaining equity was dispersed among three other shareholders. With four branches in New York, including the Astoria, Queens area where there is a strong Greek presence, the bank catered to the Greek American community. The U.S. Federal Reserve withheld its approval and bid expired.

Cultural Foundation

The bank operates the "Bank of Cyprus Cultural Foundation", which it established in 1984. It claims its purpose is to "assist in the rescue of the island's cultural heritage, which has been pillaged or stolen by the Turkish forces from the occupied areas, and to promote the Hellenic culture of Cyprus at a professional and scholarly level".[6] It has various collections of Cypriot artifacts, such as ancient coins, old maps of the island, art pertaining to the island and rare documents.


In 2008 the Bank of Cyprus was a recipient of a Ruban d'Honneur for Growth Strategy of the Year Award, one of the European Business Awards.[7]

Recent UK history

In recent years the bank in the UK has developed into a more focused business bank, supporting its lending with a range of savings products. As part of this strategy the bank has invested in its telephone and online banking services and closed a number of its retail branches, whilst opening dedicated business offices. Current locations are as follows:

Business banking customers can also access branch counter services through the bank's relationship with HSBC, whilst all personal and business customers can service the majority of their routine banking needs through postal, telephone and online banking services.

Oncology Center

The Bank also operates, in concert with the Republic of Cyprus, the BOC Oncology Center. The agreement provided for the bank's giving the money to build the center on land given by the government and the appropriation of the operating budget by the government.


Bank of Cyprus (Romania) announced in mid-December 2009 that it had purchased 9.7 per cent of TLV's (Banca Transilvania) shares for EUR 58M, and in May 2010 expressed interest in taking over 20 per cent of the bank's stock. DIICOT, the body that investigates organized crime and terrorism, charged the head of Banca Transilvania's administration council, Horia Ciorcila, and the head of Bank of Cyprus (Romania), Georgios Christofourou, with stock market manipulation and money laundering in this transaction.[8] DIICOT also charged a former vice-president of the administration council or Banca Transilvania, Claudiu Silaghi, and Bank of Cyprus employees Anastasios Isaakidis, along with four other individuals. Bank of Cyprus (Romania) denied any wrongdoing. The Bucharest Tribunal acquitted Ciorcila and Christofourou on 4 July 2011, as did the Bucharest Court of Appeal on 27 June 2012. On 2 July 2014, the Romanian High Court of Justice ( rejected the second appeal made by DIICOT, as ungrounded. Consequently, the acquittal decisions issued by the Bucharest Tribunal (2011) and Court of Appeal (2012), have been maintained, confirming the full acquittal of all the defendants. The decision of the Romanian High Court of Justice is final.

Deposit tax and bailout or bailin

According to a recent blog by Paul Krugman, the decision imposed by EU finance ministers to force depositors in Cyprus to take a loss (bail in), in order to help fund an International Monetary Fund and euro zone bailout(bail-in in the case of Bank of Cyprus: with 47.5% of uninsured depositors, above 100,000 Euro, contributing to the bank's recapitalization), on their deposits may potentially cause a bank run in other EU countries. Depositors in Spain and Italy and elsewhere may become concerned that they will also lose their funds and withdraw ahead of any such impositions. Other economists at leading banks, including Morgan Stanley and Citigroup, have voiced similar concerns.


  1. 1 2 3 4 5 6 "Group Financial Results for the six months ended 30 June 2016" (PDF). Bank of Cyprus. Retrieved 31 August 2016.
  2. "Bank of Cyprus moves into Russia". BBC. 7 June 2007. Archived from the original on 12 June 2007. Retrieved 2007-06-08.
  3. "Bank Of Cyprus".
  4. 110 Moments in Our History. 2009. Bank of Cyprus.
  5. "Cyprus Bank buys 80 per cent of Russia's Uniastrum". The Economic Times. Bennett Coleman & Co. Ltd. 28 June 2008. Retrieved 2008-06-28.
  6. "BOCCF - Bank of Cyprus Cultural Foundation".
  7. "Ruban d'Honneur recipients". European Business Awards. 2008. Archived from the original on 2008-04-13. Retrieved 2008-04-26.
  8. "Banca Transilvania and Bank of Cyprus heads accused of insider trading". Romanian Business Insider. 12 July 2010.

External links

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