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Responsible Services

Transparency and responsibility

Integrity, transparency and responsibility should guide us in every action. In everything that we do, we are creating value for our customers, shareholders and staff. We further strive to meet social and environmental challenges.

To achieve this, we take into account all factors which affect our organisation, be it risk management or management strategies for alternative investments.

Supply chain

  • Introducing new procedures and criteria for the supply chain, ensuring a smooth and transparent process in the selection of suppliers.
  • Adopting and upgrading supplier assessment and selection procedures in all areas of cooperation.
  • We have introduced a larger bidders’ list by 10%.

Procurement practices

The principles governing every Bank of Cyprus request for proposal procedure for the supply of goods and services are:

  • Fair competition: all candidates must enjoy fair treatment, through neutral specification of requirements focusing on meeting specific needs of the Bank.
  • Conflict of interest: any conflicts of interest relating to the Bank’s business activity or the parties involved in the process must be explicitly declared.
  • Cost-Quality-Effectiveness: decisions shall not only be made on the basis of the financial proposal, but should also factor in the quality of the goods/services as well as the candidates’ performance.
  • Transparency-data protection: to ensure transparency, all proposal-related documents must include all the information necessary to facilitate submission of appropriate and competitive proposals. Information provided to candidates must be protected according to the relevant Bank of Cyprus confidentiality policy.
  • Transparent assessment: assessment of proposals is transparent and utilises standardized methods based on commonly acceptable practices. The integrity of the scoring process and of the criteria structure is ensured through absolute confidentiality prior to the submission of proposals.
  • Accountability (reporting and recording-archiving): all involved parties are obliged to report to the approval manager on any purchase or any use of Bank of Cyprus budget or resources. The Proposals Archive is subject to review by the competent Internal Audit staff.
  • Compliance with the Procurements Policy and with the Anti-bribery Policy.


Products and services use and labelling

  • Bank of Cyprus is enforcing a reviewing process of its advertising campaigns and outside communication, ensuring compliance with applicable national law and its own internal regulations.
  • We are making every conceivable effort to ensure compliance with all regulations and Voluntary Codes on information, products and services labelling, marketing practices etc.
  • Bank of Cyprus applies the EU’s PSD (Payment Services Directive), one of the greatest steps ever taken towards creation of the Single European Market.

 

Payment services

Bank of Cyprus has amended the terms and conditions governing the payment services provided and, based on the relevant law provisions, has drafted the following agreements:

  • Supplementary Agreement governing the relation between Bank of Cyprus Public Company Ltd and its customers.
  • Terms and Conditions of the use of Visa/Mastercard/American Express.
  • Terms and Conditions of 1bank.
  • Terms and Conditions governing the execution of payment transactions where the customer does not hold a payments account with Bank of Cyprus Public Company Ltd.

 With every product sold (loan, credit/debit/prepaid card), customers receive a form with all the relevant information, terms and charges.

 

Handling of complaints

  • Bank of Cyprus ensures customer satisfaction, providing high-quality products and services.
  • We handle complaints and recommendations, which we take on board to implement actions aimed at improving our products and services.
  • Customers are afforded various means of filing complaints/recommendations, be it online, by phone or by post.

 Once a customer’s complaint/recommendation has been received, it is forwarded to the relevant department or service for further investigation.

 Upon completion of the process, the Bank contacts the customer filing the complaint/recommendation, to explore their level of satisfaction as to the way the Bank resolved the complaint, with the ultimate goal of improving its services overall.


Customer personal data protection policy

The Bank reaffirms its commitment to protecting each person’s right to privacy, pursuant to the Law on the Protection of Personal Data.

Discretion - Confidentiality - Data Protection

The Bank’s relations with its customers are protected, and no information whatsoever relating to customers’ financial affairs, nor any other information pertaining to their person or their families shall be disclosed without their consent. Disclosure of information to third parties shall be allowed only after management approval or a court order.

  • It is prohibited for employees to receive any commission or other payment from third parties, in exchange for information on the Bank’s customers or portfolio.
  • All information/files kept, either in soft or hard copy, regarding customer accounts and their dealings with the Bank must be utilised in good faith and strictly for the purpose of concluding the services provided.
  • Use of customer-related confidential information to secure personal gain is strictly prohibited. Any violation may incur serious consequences.
  • The Bank cooperates with 1297 suppliers, helping create jobs and contributing to economic growth.
  • Complete transparency and data protection for all documents and tenders relating to supplies procurements.
  • Customers are afforded the opportunity to file complaints via the Bank’s website.
  • The Bank expressly informs customers on the reasons why personal data may be requested.