Marios Loizides, Private Banking Manager, states in Stockwatch newspaper

For the seventh time, Bank of Cyprus has been named the best bank in Cyprus for Private Banking for 2023. What is it that the bank offers that makes it stand out from the rest?

This award from Euromoney magazine, coming at the 2023 Global Private Banking Awards, is yet another major achievement in our bank's trophy cabinet. Our Private Banking offering received a high score in terms of the quality of products and services offered to clients.

The award marks a recognition of the new strategy and tech upgrades being applied in Private Banking in recent years. We offer services and products adapted to our clients' latest needs, always taking into consideration market conditions - such as geopolitical events which in turn impact international markets either positively or adversely. The award can also be attributed to the trust customers have shown in the professionalism of our team, in the services and products on offer, and in the reliability of Bank of Cyprus. We make the most of new tech, incorporating it daily into our processes. At the same time we keep improving the quality of our work as we strive to be better and stronger each year. 

What are the qualitative characteristics of the bank's products and services?

The services and products that we offer, but also the drive to best satisfy the financial needs of our clients, are the primary objectives of our service. The high level of staff training, dedication, and deep knowledge of the investment space and international markets, guarantee the services offered in the Private Banking sphere. Technical know-how, innovative products, the professionalism and reliability of the Bank of Cyprus Group, as well as discretion, are the main attributes of Private Banking. At the same time, we continue to invest in staff training, in technology and in new partnerships. Our main goal is to always offer novel solutions to existing and future customers. 

Other than traditional banking, what else does Private Banking offer?

We strive to create a long-term relationship of trust with all our clients. Our philosophy lies in across-the-board management consultancy and preserving wealth for today and for the future.

Apart from traditional banking operations, such as accounts in the major currencies, credit and debit cards, and credit facilities, Private Banking offers investment services with access to markets and products across the globe, as well as custodial services. In other words, we offer holistic wealth management consultancy geared at effectively addressing our customers' financial goals, ensuring timely forecasting and catering to customers' investment demands and expectations. We also offer modern, integrated and bespoke investment solutions, modeled on the Open Architecture process; these solutions are based on Bank of Cyprus' strategic partnerships with high-solvency banks and investment firms with international reach.

Who are your main clients when it comes to Private Banking?

Private Banking is exclusively geared at high-wealth private individuals. These are savvy clients who track global trends and who know their own needs very well. Wealth management has undergone sweeping changes. Solutions offered to clients must also be personalised. Each client has different needs, be it for today or tomorrow. Investment consultants must focus on the profile, and on the wants and needs of these clients. Usually they are clients with relations with investment banks overseas. Private Banking offers personalised services compared to the mass-market services on offer in retail banking.

How does Private Banking in Cyprus compare to that in Europe?

The trends we are seeing in Cyprus are identical to those in Europe. Investment services offered here in Cyprus do not lag behind those available in Europe. Besides, thanks to technology it doesn't matter where an investment manager is located. Times have changed, and risk diversification starts from bank deposits, which constitute the primary - but not the sole - savings pillar. Over the last few years we have observed a strong trend in investment that 'complies' with sustainable sectors, in a bid to create a sustainable future. Sustainable investments are essentially the response to modern-day environmental challenges. For example, investing in a company utilising renewables, as opposed to investing in a company using conventional fuel.

And what about the shortcomings?

In Cyprus there has arisen a noteworthy investment services industry, thanks to existing legislation and to the experience of professionals. Investment companies from all over the world pick Cyprus as their base for the provision of investment consultancy to clients. One of the shortcomings has to do with the fact that most people are uninformed about their rights and obligations in terms of investing in commodities. Investors need to acquire the necessary knowledge so that they can become better informed and thus able to assess as best as possible their investment options. We need to create information channels for investors providing a non-stop flow of data. By increasing knowledge we also increase trust.