Founded in 1899 and headquartered in Nicosia, Bank of Cyprus (“Bank” or “Group”) is the leading banking and financial services group in Cyprus, with significant market shares across all businesses.
The Group provides a wide range of financial products and services which include retail and commercial banking, finance, factoring, investment banking, brokerage, fund management, private banking, life and general insurance.
The Group has 262 branches, of which 130 are in Cyprus, 126 in Russia, 1 in Romania, 4 in the United Kingdom and 1 in the Channel Islands. Bank of Cyprus also has representative offices in Russia, Ukraine and China.
Following the Eurogroup decisions for its recapitalisation in March 2013, the Group has been proceeding fast with the implementation of its restructuring, aiming to become a safer, stronger, more Cyprus focused institution capable of supporting the recovery of the Cypriot economy. One of the key pillars of this strategy is the enhancement of capital adequacy, by deleveraging and disposing of non-core assets. As part of the Bank’s strategy of deleveraging through the disposal of non-core operations, the Bank sold its Ukrainian business and its investment in the Romanian Banca Transilvania. It has also disposed of the largest single corporate exposure in Serbia, a significant amount of assets in Romania and a significant part of a UK loan portfolio.
A major turning point was the Bank’s €1 billion share capital increase, completed in September 2014, which involved high quality institutional investors such as EBRD and WL Ross. This significantly strengthened the Bank’s capital position and ensured that the Bank passed the 2014 ECB Comprehensive Assessment in October 2014. The Bank’s Common Equity Tier 1 ratio totaled 15,4% (on a transitional basis) as at 30 September 2014.
As of 20 November 2014, the Bank has a new, world class board including Dr. Josef Ackermann as Chairman and Wilbur Ross and Vladimir Strzhalkovskiy as Vice Chairmen. The new Board brings a wealth of banking and broader corporate experience and skills that will be of significant value to Bank of Cyprus, as it continues its progress in restoring its financial strength.
As the leading banking and financial services group in Cyprus, the Bank will contribute to and benefit significantly from the accelerated economic recovery in Cyprus.