Bank of Cyprus
The Bank of Cyprus is the largest financial institution of the Republic of Cyprus and the second largest company in the country. The company's headquarters is in Strovolos in Nicosia. The company is listed on the Stock Exchange of Cyprus as well as on the Athens Stock Exchange. Since 9 October 2006, the share Athex Composite Share Price Index and the FTSE / Athex 20 index is listed, since 8 October 2007 at Dow Jones Cyprus Titans 10 Index.
Bulk
The Bank of Cyprus and Laiki Bank are the two major banks in the country. While the Laiki Bank 2012 was largely nationalized, the State's share was due to the Bank of Cyprus according to official figures the end of 2012 to 11.4 % for Cyprus and 2% for Greece, but there are 9% foreign institutional investors, the rest is free float.
The largest shareholders of Bank of Cyprus, the Russian oligarch Dmitry Rybolowlew. He earned 2010 - about his financial vehicles " Odella Resources Ltd. ", Whose headquarters was located on the British offshore tax haven Virgin Islands - 9.7 % of the shares of the Bank. ( According to the website of the bank's shares in March 2013 stood at 5.01%. )
2012 examined the banks after to government assistance. Both the Laiki Bank and the Bank of Cyprus were strongly affected by the Greek debt crisis, and the average debt of Greece in 2012 led to write-downs totaling more than 4 billion euros in the Cypriot financial sector. Both banks reached 2012 as required by the European Union capital adequacy ratio of 9 % does not mean the banks were therefore in negotiations with the Government of Cyprus. On 1 March 2013, it announced that it can not comply with the statutory deadline for the submission of the provisional balance sheet for 2012.
You currently survive (March 2013) only with bailouts of the European Central Bank. The ECB has announced: If Cyprus is not involved with the negotiated bailout of euro countries and the International Monetary Fund, the cash flow could dry up in a few days.
On March 25, 2013 Minister of Finance was named after a special summit of EU announced that as part of the restructuring of the financial sector of Cyprus, Laiki Bank should be fully unwound and the Bank of Cyprus, the viable parts of the Laiki Bank ( including the accounts to 100,000 euros ) to take should. The Bank of Cyprus is also the proportion of Laiki Bank from 9 billion euros assume debt from emergency loans on the central bank. At the same time there is an involvement of large customers (deposits over 100,000 euros ) of the Bank of Cyprus, which now lose 47.5% of their deposits. They are converted into shares of the Bank.
The Board of Directors Chief of the Bank of Cyprus, Andreas Artemis, handed in protest against the conditions of the bailout his resignation and the Central Bank of Cyprus dismissed CEO Giannis Kypris.
History
The bank was founded in 1899 as "The Nicosia Depository ", with conversion into a corporation in 1912, the company adopted its present name. In the early 1990s, the company expanded to Greece and founded a branch network under the Greek name Trapeza Kyprou ( Τράπεζα Κύπρου ).
Branch Network
The Bank maintains three large branch networks, one in Cyprus, with 126 branches, one in Greece with 181 and a branch network in Russia with 190 branches. Furthermore, there are 44 branches in Ukraine, 4 stores in the UK and 11 in Australia, serving the Cypriot minority in particular. In the Channel Islands, there is another branch and 10 in Romania.
Other Activities
The Bank maintains since 1984 the Bank of Cyprus Cultural Foundation, which provides funds for the maintenance and restoration of Cypriot heritage. Furthermore, to be repurchased cultural goods from a budget that have come after the Turkish intervention in the north of the island on the international market.
The construction of a cancer center was donated by the bank. This center is operated by the state.