Bank of Cyprus

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Bank of Cyprus (CSE: BOCY ATHEX: BOC) (Greek Τράπεζα Κύπρου), is a major Cypriot financial institution. In terms of market capitalisation it is the country's second largest company.[1] As of December 31, 2005, the Group's Total Assets reached C£13,22bn (€23,00bn) and the Group's Shareholders' Funds were C£818mn (€1,42bn).

The shares of the Bank are listed on the Cyprus Stock Exchange (CSE) and the Athens Stock Exchange. The Bank is the largest listed company on the CSE in terms of market capitalization and has a well-diversified shareholder base.

The Bank of Cyprus has traded on the FTSE ATHEX 20 index from October 9 2006.[2] Since October 8, 2007 the Bank of Cyprus has been part of the Dow Jones Cyprus Titans 10 Index, which comprises the 10 largest companies in Cyprus. [1]

The Group currently operates through a total of 280 branches, of which 147 operate in Cyprus, 134 in Greece, six in the United Kingdom, ten in Australia (five in Victoria, four in New South Wales and one in South Australia), one in the Channel Islands, and four in Romania (three in Bucharest and one in Constanta). [3]


  • 1899 On January 1, 1899, a group of progressive and visionary Cypriots led by Ioannis Economides, a significant figure in financial and social circles, founded the "Nicosia Savings Bank" or "Nicosia Depository" («Ταμιευτήριο η Λευκωσία») . This is the first Cypriot banking institution.
  • 1912 The "Nicosia Savings Bank" became a public company and changed its name to Bank of Cyprus (BoC), following an application by the shareholders of the Savings Bank to the High Commissioner in 1909.
  • 1930 The BoC incorporated as a limited company.
  • 1943 The BoC was reconstituted with the amalgamation with the Bank of Famagusta and the Bank of Larnaca.
  • 1944 The BoC merged with Melissa Bank, Paphos, (est. 1924).
  • 1946 BoC merged with Kypriakon Tomieftiron (Cyprus Savings Bank; est. 1924), Nicosia.
  • 1953 BOC merged with Popular Bank of Paphos (est. 1924).
  • 1955 Boc opened its first branch abroad to serve the Cypriot community in London.
  • 1960 BoC established Bank of Cyprus (UK) Ltd. to take over its UK branch.
  • 1980 BoC acquired Standard Chartered Bank’s Cyprus operations. (The then Chartered Bank had bought the Ionian Bank’s Cyprus operations in 1957.)
  • 1987 BoC opened a representative office in Australia.
  • 1991 BoC established its first branch in Greece.
  • 1995 BoC opened a representative office in South Africa.
  • 1996 BoC established Bank of Cyprus (Channel Islands) in Guernsey.
  • 1997 BoC opened a representative office located in the heart of Greektown in Toronto to serve mainly the Greek-Cypriot community, and another one in New York.
  • 1998 BoC established a subsidiary in New York and a representative office in Moscow.
  • 1999 BoC established a subsidiary in Australia, the country with the world's largest Greek and Cypriot community. The community, which numbers around 600,000 people, is concentrated in Melbourne and Sydney. BOC had long had a presence in the Australian market through its representative offices in Sydney, Melbourne, Adelaide and Brisbane. BoC also opened a representative office in Bucharest.
  • 2000 BoC bid for Interbank in New York for about $43 million. Interbank was 78% owned by Greek businessman Dimitris Kontominas, and the remaining equity was dispersed among three other shareholders. With four branches in New York, including the Astoria area where there is a strong Greek presence, the bank catered to the Greek American community. The U.S. Federal Reserve withheld its approval and bid expired.
  • 2007 On October 8, 2007, BoC announced that it had opened a branch in Moscow, making it the first Cypriot bank to have banking operations in Russia. BoC aims to create a larger network in Moscow and St. Petersburg.
  • 2008 BoC purchases 80% of Uniastrum, the 9th largest bank in Russia, for 576 million dollars.[4]

Cultural Foundation

The bank also operates the "Bank of Cyprus Cultural Foundation" which it established in 1984. It claims its purpose is to "assist in the rescue of the island’s cultural heritage, which has been pillaged or stolen by the Turkish forces from the occupied areas, and to promote the Hellenic culture of Cyprus at a professional and scholarly level".[5]

It has various collections of Cypriot artifacts, such as ancient coinage, old maps of the island, art pertaining to the island and "rare documents".


In 2008 the Bank of Cyprus was a recipient of a Ruban d’Honneur for Growth Strategy of the Year Award, one of the The European Business Awards|European Business Awards. [6]

Oncology Center

The Bank also operates, in concert with the Republic of Cyprus, the BOC Oncology Center. The agreement provided for the bank's giving the money to build the center on land given by the government and the appropriation of the operating budget by the government.


  1. 1.0 1.1 Dow Jones Country Titans Indexes, 2008-03-15 publisher=Dow Jones Indexes Cite error: Invalid <ref> tag; name "Dow Jones" defined multiple times with different content
  2. Bank Of Cyprus
  3., Bank of Cyprus moves into Russia, 2007-06-08
  4. Cyprus Bank buys 80 per cent of Russia's Uniastrum, 28 Jun, 2008 publisher= Bennett Coleman & Co. Ltd.
  5. BOCCF - Bank of Cyprus Cultural Foundation
  6. Ruban d’Honneur recipients, 2008-04-26

External links

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