articles | 03 June 2014

Bank of Cyprus-Laiki system merger

All accounts and subscriptions with the electronic system of collapsed Laiki Bank will automatically be transferred to that of Bank of Cyprus over the long weekend of 7-8-9 June 2014.

On the Tuesday all branches of BoC - which absorbed the collapsed lender in March 2013 - will open an hour earlier to ensure that the system is not overloaded to the degree that it collapses, insiders told The Cyprus Daily yesterday.

"That's our only fear, but we are ready to confront whatever problems they may arise… a lot of bank staff will be working over the long weekend and almost all will be on alert," said the source.

At the completion of the system merger, former Laiki clients will have full access and use from all branches, ATMs and electronic channels of BoC.

Over one million Collective Investment Funds (CIFs) will be transferred. In addition, access to eBank will be interrupted from Friday to Monday. A message displaying the exact dates and hours of the interruption of electronic service will appear a few days earlier upon logging in to eBank.

Once accounts have been transferred, clients will be ableto access and use 1bank. There will be only one service line, and all the branch staff will be able to fully serve all customers, be they existing BoC customers or exclusive customers of ex-Laiki.

All ex-Laiki customers have received relevant letters by the Bank informing them fully about the transfer. And for more information or clarification with regards to the transfer, customers can contact the Call Centre on 8000 2000.

The service branch, the officer responsible for specific accounts as well as the contact number is indicated in the letters mailed to all ex-Laiki clients last month. Branches can be switched if the one to which an account has been transferred does not suit the client. BoC had to absorb Laiki as a precondition by the bankrupt island's bailout lenders - the EU, ECB and IMF.

Source: InCyprus

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