The Group aims to provide a sustainable return to shareholders. Simultaneously, it is committed to maintain a healthy capital, above the prevailing requirements whilst maintaining a comfortable buffer.
Dividend payments are expected to build prudently and progressively over time, towards a payout ratio in the range of 30-50% of the Group’s adjusted recurring profitability1. The dividend policy takes into consideration market conditions as well as the outcome of capital and liquidity planning.
1The Group’s profit after tax before non-recurring items (attributable to the owners of the Group) taking into account distributions under other equity instruments such as the annual AT1 coupon.
Treatment of Sanctioned Shareholders
Bank of Cyprus Holdings PLC ("BOCH") is committed to legal compliance and risk management in all aspects of its corporate governance framework as an EU-organized company listed on the London Stock Exchange and the Cyprus Stock Exchange.
BOCH has announced on 13 April 2023 that it will be recommending to the shareholders of BOCH for approval at the Annual General Meeting that will be held on 26 May 2023 of a final dividend of €0.05 per ordinary share (the “Dividend”). In paying this Dividend, BOCH intends to comply with anti-money laundering and sanctions laws, including those of the European Union, United Kingdom and United States and will take appropriate steps with the applicable depositaries, custodians and/or other relevant parties in respect of such compliance.
BOCH notes Market Notices N18/22 and N03/18 and plans to convey to relevant member firms, nominees and third-party service providers its compliance expectations that is consistent with applicable law and BOCH’s commitment to compliance.
Authorisation Letter (Authorisation for the direct credit of dividends in a bank account maintained by the Investor/s with Bank of Cyprus Public Company Ltd)