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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”.

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

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.

1951
 Establishment of General Insurance 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.

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.

1989 
Establishment of the life insurance company EuroLife.

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.

1993 
Establishment of ABC Factors, the first factoring company in Greece. Karmazi Properties & Investments acquired and renamed Kermia Properties & Investments.

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
 Kyprou Leasing established in Greece. Opening of the first branch of Bank of Cyprus in the United Kingdom.

1998 
Representative Office opened in Russia (Moscow). Kyprou Mutual Fund Management Company (AEDAK) established in Greece. 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. “Oikade” educational programme launched.

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. Electronic banking introduced to provide alternative service channels (internet, telephone, WAP).

2002 
Bank of Cyprus Factors starts providing factoring services in Greece.

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

2005 
Merger of the operations of Bank of Cyprus Factors and Bank of Cyprus Finance Corporation with Bank of Cyprus. 100th branch opened in Greece.

2006 
Commencement of leasing operations in Romania through the establishment of the leasing subsidiary Cyprus Leasing (Romania).

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 and expansion into the retail banking sector of the local market.

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.
  • Conversion of 47.5% of uninsured deposits into equity. Holders of ordinary shares and debt securities - issued prior to the Eurogroup decision - contribute to the recapitalisation of the Bank through the absorption of losses.
  • Divestment of loans, immovable properties and deposits of the Group’s banking operations in Greece, to Piraeus Bank.
  • Acquisition of insured deposits and of the majority of assets and loans of Cyprus Popular Bank Ltd.
  • 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

  • Completion of the retail offer, the third and final phase of the share capital increase.
  • Listing of the retail shares and commencement of their trading on the CSE and ATHEX.
  • Sale of its investment in Marfin Diversified Strategy Fund Plc (MDSF).
  • 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.