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Milestones from our History

Bank of Cyprus has a long and proud history of serving its customers in Cyprus since 1899, and its customers in the United Kingdom since 1955. A full timeline can be seen here.

1899 -1955

Bank of Cyprus newspaper post 1900

 

 

 

 

 

 

 

1899
Establishment and operation of the “Nicosia Savings Bank Nicosia Savings.

1912 
Nicosia Savings Bank renamed “Bank of Cyprus” and recognised as a public company.

1940- 1942

The World War II had negative impacts on the Bank and the business.

1943 
Bank of Cyprus merges with banking institutions in other towns and expands throughout Cyprus.

Ancient Cyprus coin bearing the inscription “Koinon Kyprion” (common to all Cypriots) adopted as the Bank’s emblem. 

1944 
Establishment of Mortgage Bank of Cyprus.

1955 
Establishment of Bank of Cyprus (London).

1960-1974

 Bank of Cyprus Branch Makariou during 1964

1964 
Establishment of Bank of Cyprus Finance Corporation.

1973 
Reorganisation of the Group, with the establishment of Bank of Cyprus (Holdings) to take over the shares of Bank of Cyprus and all its subsidiaries.

1974
Support to Cyprus economy and its customers, through grants, depreciations of obligations and legal action.

1980-1989

Bank of Cyprus Housing and Student loans in 1997

1980 
Acquisition of Chartered Bank in Cyprus.

1982 
Establishment of The Cyprus Investment and Securities Corporation (CISCO).

1983 
Acquisition of Kermia by the Group.

Representative Offices opened in Greece and Australia.

1984 
Establishment of the Bank of Cyprus Cultural Foundation.

 

1991-1999

Bank of Cyprus 24hour Service Branch

1991
Bank of Cyprus opens its first branch in Greece.

Establishment of the Bank of Cyprus Medical Foundation.

1992 
Establishment of Bank of Cyprus Factors.

1995 
Representative Office opened in South Africa.

Museum of the History of Cypriot Coinage founded.

1996 
The first Greek-speaking offshore bank, Bank of Cyprus (Channel Islands) established in Guernsey, Channel Islands.

Representative Office opened in Canada (Toronto).

1997
Opening of the first branch of Bank of Cyprus in the United Kingdom.

1998 
Representative Office opened in Russia (Moscow).

Opening of the Bank of Cyprus Oncology Centre.

1999 
Group restructuring, with shares of Bank of Cyprus (Holdings) being replaced by Bank of Cyprus shares.

Representative Office opened in Bucharest.

 

2000-2012

Bank of Cyprus Greece HQ

2000
Listing of the Group’s share on the Athens Exchange.

Establishment of Bank of Cyprus Australia and operation of its first branches.

2004 
Merger of Bank of Cyprus (London) and the UK branch of Bank of Cyprus.

2007 
Banking services commenced in Romania and Russia.

2008 
Commencement of banking services in Ukraine through the acquisition of AvtoZAZbank.

Acquisition of 80% of Uniastrum Bank in Russia.

2010 
Commencement of the establishment of a Representative Office in India and a banking unit in the Emirate of Dubai.

2011 
Sale of Bank of Cyprus Australia Ltd.

2012 
Applied to the Republic of Cyprus for capital support.

 

 

 

2013

  • Placed under resolution from March 24 to July 30 following the Eurogroup decisions of March 2013 and the decrees issued by the Central Bank of Cyprus.
  • Recapitalisation and restructuring through Bail-in.
  • Divestment of loans, immovable properties and deposits of the Group’s banking operations in Greece.
  • Acquisition of insured deposits and of the majority of assets and loans of Cyprus Popular Bank Ltd.
  • Transfer of ELA obligations (€11.1bn at the take-up of Cyprus Popular Bank).
  • Acquisition of the loans of the Popular Bank branch in the United Kingdom.
  • Divestment of the deposits and loans of the Bank of Cyprus branch in Romania.
2014

  • Divestment of banking operations in Ukraine.
  • Divestment of the investment/share in Romania’s Banca Transilvania.
  • Sale of loans portfolio in the United Kingdom.
  • Share capital increase with total gross revenue of €1bn.
  • Participation in the Group of foreign nationals/entities, the largest single investment in the history of the Cypriot financial system.
2015

  • Listing of the retail shares and commencement of their trading on the CSE and ATHEX.
  • Sale of Uniastrum Bank (Russia), completing the deleveraging strategy through the disposing of non-core operations and focusing on core businesses and markets.
2016

  • Announcement of the intention to secure a premium listing on the London Stock Exchange.
  • Agreement to sell Kermia Hotels Ltd.
2017

  • Full repayment of ELA
  • Return to the debt capital markets with the successful issuance of a €250 mn unsecured and subordinated Tier 2 Capital Note
  • Listing of the shares of Bank of Cyprus Holdings Public Limited Company for trading on the Main Market of the London Stock Exchange and on the Main Market of the Cyprus Stock Exchange
  • Continued progress on Balance Sheet Repair. FY2017 ended with eleven consecutive quarters of organic NPE reduction
  • Improved funding and liquidity position, facilitating full compliance with liquidity requirements on 1 January 2018.
2018

  • An agreement for the sale of a portfolio of loans with a gross book value of €2.8 bn secured by real estate collateral (known as “Project Helix).
  • An agreement for sale of its wholly owned subsidiary bank in the UK, Bank of Cyprus UK Limited  and its subsidiary Bank of Cyprus Financial Services to Cynergy Capital Limited.
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