Our Bank’s New Culture of Values

The Bank of Cyprus has engaged since beginning of year 2014 in a very demanding and rigorous anti-financial crime remediation programme which has successfully been implemented by the end of year 2015.  Today’s compliance function of Bank of Cyprus is one of the highest international standards which amongst others adhere to the principles of the US Patriot Act and local and EU law.

This strict programme had as a result over the last three years and until 31 December 2016 the following:

  • Decrease of the high risk client portfolio by 28%.
  • Termination of 3.524 customer relationships solely on compliance/financial crime reasons corresponding to over €2,4 billion of turnover and yearly net profitability of €9 million.
  • Termination of around 85% of relationships with professional intermediaries introducing customers to the Bank, leading to a decrease of this portfolio of intermediaries from 1.601 to 234.

Following the successful implementation of this uniquely robust framework, the Bank of Cyprus received independent recognition of its proven spectacular transformation which led to the establishment of its new corporate culture of ethics, as follows:

  • Our Bank has successfully been listed on the London Stock Exchange (one with the most demanding and strict corporate governance codes internationally) and is today the only corporation in Cyprus that fully complies with both the London Stock Exchange Code and the Cyprus Stock Exchange Code.
  • Our key US correspondent banks expressed their satisfaction with the overall transformation of our Bank.
  • Positive comments and feedback received by various Regulatory Authorities on the new level of compliance and corporate governance of Bank of Cyprus.
  • Our Bank won the 2016 Award for Best Practices to Reduce Corruption and Strengthen Transparency, by Transparency International (Cyprus)
  • Our Bank today is the only financial institution in Cyprus that has positively been accredited for the 2nd consecutive year as a member of the Business Integrity Forum (BIF) of Transparency International (Cyprus).
  • Our Bank won the 2017 Best Corporate Governance Award, Cyprus, by World Finance (UK).
  • Our Bank has won the 2017 Bank of the Year Award (Cyprus) of Corporate Insider's Business Excellence Awards.

This new culture of values of our new Bank forms the hallmark of the relationship with our shareholders, customers, regulators and other stakeholders!