Founded in 1899 and headquartered in Nicosia, Bank of Cyprus 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.
Following its recapitalisation through a bail-in of depositors in March 2013, the Group has prepared a Restructuring Plan, defining the strategic objectives and actions the Group should take to create a safer, stronger, more focused institution capable of supporting the recovery of the Cypriot economy. One of the key pillars of this strategy is the enhancement of the capital adequacy of the Group by internally generating capital through profitability, deleveraging and disposal of non-core assets. As part of the Bank’s strategy of deleveraging through the disposal of non-core operations and of focusing on core businesses, the Bank sold its operations in Ukraine, it disposed its investment in Romanian Banca Transilvania and sold certain loans in Serbia.
A major turning point is the Bank’s recent Capital Increase of €1 billion in August 2014, ensuring the Bank becomes one of the best capitalised banks in Europe.
The above major changes mark a new era for the Bank of Cyprus Group.