articles | 21 January 2015

Bank of Cyprus says no material impact from Swiss franc developments

Following the recent developments relating to the Swiss franc the Bank of Cyprus Public Company Ltd announced that this development had no material impact on the Bank's financial position.

In a press release, the Bank notes that as part of its overall conservative risk management strategy and appetite, the Bank has a policy of hedging foreign exchange risk.

"Hence, the recent appreciation of the CHF against the Euro had no material impact on the Bank’s financial position", it stresses.

Source: CNA

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