CSE (BOCH/ΤΡΚΗ) 2.290 -0.030
Last updated 17:20
LSE (BOCH) 2.290 -0.040
Last updated 18:49

Cyprus

The core of the BOC Group is driven by its domestic banking business, which is predominantly comprised of Consumer Banking and SME Banking. Corporate BankingInternational Banking and Wealth & Markets  together are contributing combined revenues of 53.7% of the Group’s total revenues.

The Bank is the leading provider of retail banking services in Cyprus, with over 775.000 consumers and SME customers. Consumer and SME Banking serve both Cypriots and non-Cypriots customers in Cyprus and provide a wide range of products and services.

The Restructuring and Recoveries Division has been able to substantially increase the pace of loan restructuring as well as decrease the amount of NPEs held by the Bank. As domestic operations increase as a proportion of the BOC Group’s total operations, the correlation between the Bank’s profitability and the recovering Cypriot economy is expected to increase.

The BOC Group also engages in the provision of insurance through two wholly-owned subsidiaries: EuroLife and GIC. Moreover, the Bank has acquired a stake in CNP as part of the acquisition of the Laiki Bank operations under the name Laiki Transfer Decrees, though it does not exercise any active control over CNP.

Both EuroLife and GIC are leaders in the life assurance and general insurance businesses in Cyprus, respectively.

They both use the extensive branch and customer network of the Bank to sell insurance products with a focus on maintaining margins in the competitive market through sound underwriting and claims-handling. In addition, they aim to increase market share through a wider product and service offering, particularly by targeting customers below the age of 40.

Bank of Cyprus uses cookies on this website aiming to improve your online experience. To accept cookies continue browsing as normal.