Our goal is the protection, management and development of our clients' wealth
Tell us a little about the Wealth Services Division at Bank of Cyprus, and about your own role.
The Wealth Services Division at Bank of Cyprus offers high-quality services and bespoke solutions for our clients’ investment and banking needs, offering a wide range of investment products tailored to clients’ investment profile and risk appetite. As a trusted partner we aim to protect, manage and grow our clients’ wealth.
Wealth Management’s experienced teams specialise in Affluent Banking, Private Banking, Institutional Wealth Management & Custody and Wealth Lending, providing a full suite of investment services and products for our clients’ needs. We offer integrated asset management investment services, investment transaction services, distinct management services, flexible financing services, and global custody services. Additionally, CISCO, the Bank’s investment arm (Investment Firm license number 003/03) offers clients a broad range of brokerage services and products, funds management services to individual and institutional investors, as well as investment banking services.
Bank of Cyprus has for several years been receiving awards for its Wealth services – tangible proof that our clients trust us. For the year 2022, Euromoney named us the ‘Best Bank for Private Banking & Wealth Management’ in Cyprus.
Today, when uncertainty is so intense, how do you help clients in terms of planning their finances and setting their goals?
The current investment environment is one of the toughest in recent years, due to the ongoing rise in interest rates by central banks, growing inflation and the energy crisis, which renders economies vulnerable, heightening fears of a looming recession in Europe and across the world. Usually, the adverse effects from declining shares in a traditional portfolio are offset mainly by investing in safer assets such as bonds. But this year has turned out to be the exception, as both bonds and shares have seen a sharp dip.
Regardless of the challenges today, we stand by our clients, providing them the right tools and a framework that is based on best investment practices, enabling them to achieve their medium and long-term goals. We offer advice on investing and capital allocation, within a broad range of investment and asset classes, so that clients can achieve their desired portfolio dispersion as well as mitigate fluctuations on returns. It’s worth mentioning that inflation erodes the purchasing power of cash, whereas regular investment can help stabilise returns across time.
Business prioritise sustainable ‘green’ growth and digital transformation. What does your own policy focus on?
Having envisioned its digital future, Bank of Cyprus has effectively stepped into a new digital era, contributing to the transformation of our society while also offering upgraded services to our customers. At the same time, Europe is investing in a green future – and Bank of Cyprus, the leading banking and financial group in Cyprus, supports our country’s drive toward the green transition.
In the Wealth sector, we’re adapting to digital technologies and investing in tech that helps simplify our processes – our aim being to evolve the customer experience. We understand what our customers – whatever their age – want, and we remain fully compliant with the legal and regulatory framework.
At the same time, we’re incorporating ESG criteria across the entire investment process. Thanks to Bank of Cyprus’ partnership with some of the largest investment firms overseas, our clients can assess mutual funds as well as investments in renewables, sustainable development and the green transition.
What are yourBank’s chief challenges and objectives in this new era?
Obviously, the wider economic environment – both here in Cyprus and around the globe – creates uncertainty. Inflation, an energy crisis and fragile geopolitical balances – all these point to a global economic contraction in 2023.
Being highly outward-looking, the Cypriot economy is expected to be affected by all this. However, to date, forecasts point to GDP growth of about 2.5%. In such an environment, Bank of Cyprus – as the leading provider of financial services in Cyprus – is adequately equipped to continue financing growth, while enriching our products and services, as well as giving back to shareholders who have kept their trust in us.
With robust capital and liquidity ratios, very low levels of NPLs, an increased market share and a double-digit ROTE, Bank of Cyprus will continue propping up the Cypriot economy across the board - from financing through to total digital transformation.