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Οur History

Bank of Cyprus has a long and proud history of serving its customers since 1899. A full timeline can be seen here.

1899 -1955

Bank of Cyprus newspaper post 1900

 

1899

Establishment and operation of the “Nicosia” Savings Bank Nicosia Savings.

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

1940- 1942

World War II had negative impacts on the Bank and the business sector.

1943 
Bank of Cyprus merged with banking institutions in other towns and expands throughout Cyprus.

Ancient Cyprus coin bearing the inscription “Koinon Kyprion” (common to all Cypriots) was adopted as the Bank’s emblem. 

1944 
Establishment of Mortgage Bank 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) taking over the shares of Bank of Cyprus and all its subsidiaries.

1974
Support to its customers and the Cyprus economy as a whole, through grants, depreciations of obligations and legal action.

1980-1989

Bank of Cyprus Housing and Student loans in 1997

1980 
Acquisition of Chartered Bank in Cyprus.

1982 
Establishment of  Cyprus Investment and Securities Corporation (CISCO).

1983 
Acquisition of Kermia.

Establishment of Representative Offices in Greece and Australia.

1984 
Establishment of the Bank of Cyprus Cultural Foundation.

 

1991-1999

Bank of Cyprus 24hour Service Branch

1991

Opening of the first branch of Bank of Cyprus in Greece.

Establishment of the Bank of Cyprus Medical Foundation.

1992 
Establishment of Bank of Cyprus Factors.

1995 
Establishment of Representative Office opened in South Africa.

Foundation of the Museum of the History of Cypriot Coinage founded.

1996 

Establishment of the first Greek-speaking offshore bank, Bank of Cyprus (Channel Islands), in Guernsey, Channel Islands.

Establishment of Representative Office in Canada (Toronto).

1997
Opening of the first branch of Bank of Cyprus in the United Kingdom.

1998 
Establishment of Representative Office opened in Russia (Moscow).

Opening of the Bank of Cyprus Oncology Centre.

1999 
Group restructuring, with shares of Bank of Cyprus (Holdings) replaced by Bank of Cyprus shares.

Establishment of Representative Office in Romania (Bucharest).

 

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.

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

2007 
Beginning of banking services commenced in Romania and Russia.

2008 

Launching of banking services in Ukraine through the acquisition of AvtoZAZbank.

Acquisition of 80% of Uniastrum Bank in Russia.

2010 

Commencement of proceedings for the establishment of a Representative Office in India.

Establishment of a banking unit in the Emirate of Dubai.

2011 
Sale of Bank of Cyprus Australia Ltd.

2012 
Application made 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.
  • Divestment of loans, immovable properties and deposits of the Group’s banking operations in Greece.
  • Acquisition of insured deposits and of the majority of assets and loans of Cyprus Popular Bank Ltd.
  • Transfer of ELA obligations (€11.1bn at the take-up of Cyprus Popular Bank).
  • 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 of Cyprus Popular Bank in Ukraine.
  • Divestment of the investment/share in Romania’s Banca Transilvania.
  • Sale of loan portfolio in the United Kingdom.
  • Share capital increase with total gross revenue of €1bn and participation of foreigners in the Group’s capital.
  • Participation of foreign nationals/entities in the Group, the largest single investment in the history of the Cypriot financial system.
2015

  • Listing of the retail shares and commencement of their trading on the CSE and ATHEX.
  • Successful exit with full lifting of capital controls.

  • Sale of Uniastrum Bank (Russia), marking the completion of 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.
2017

  • Full repayment of ELA
  • Full repayment of ELA funding.

  • Return to capital markets with the successful issue of a €250mn unsecured and subordinated Tier 2 Capital Note.

  • Listing of the shares of Bank of Cyprus Holdings Public Limited Company for trade on the Main Markets of London Stock Exchange and Cyprus Stock Exchange.

  • Continued progress on Balance Sheet Repair, with eleven consecutive quarters of organic NPE reduction (on the basis of EBA).

  • Improved funding and liquidity position, facilitating full compliance with minimum liquidity requirements.

2018

  • Agreement for the sale of the wholly-owned subsidiary banks in the United Kingdom, Bank of Cyprus UK Limited, and Bank of Cyprus Financial Services, to Cynergy Capital Limited.

  • Agreement for the sale of a loan portfolio of NPE loans with a gross book value of €2,8bn secured by real estate collateral (known as “Project Helix”).

2019

  • Election of Mr. Efstratios-Georgios (Takis) Arapoglou as an independent non-executive member and Chairman of the Board of Directors.
  • Appointment of Mr. Panicos Nicolaou as the Group Chief Executive Officer.
  • Changes in the Group’s Organizational Structure in three structural areas: Functions, Business and Legacy.
  • Successful completion of the Staff Voluntary Exit Plan.
  • Completion of the sale of the investment in CNP Cyprus Insurance Holdings Ltd.
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