Bank of Cyprus
| Bank of Cyprus | |
|---|---|
| legal form | Corporation |
| ISIN | CY0000100111 |
| founding | 1899 |
| Seat | Republic of Cyprus , Strovolos |
| management | Efstratios-Georgios Arapoglou ( Chairman of the Board of Directors ) Panicos Nicolaou ( CEO ) |
| Number of employees | 6.334 |
| Branch | Credit institution |
| Website | www.bankofcyprus.com |
The Bank of Cyprus is the largest financial institution in the Republic of Cyprus and the second largest company in the country. The company's headquarters are in Strovolos near Nicosia . The company is listed on the Cyprus Stock Exchange and the Athens Stock Exchange. The share has been listed in the Athex Composite Share Price Index since October 9, 2006, and in the Dow Jones Cyprus Titans 10 Index since October 8, 2007.
history
The bank was founded in 1899 as The Nicosia Depository ; when it was converted into a stock corporation in 1912, the company took on its current name. In the early 1990s, the company expanded to Greece and established a branch network under the Greek name Trapeza Kyprou (Τράπεζα Κύπρου).
Companies
The Bank of Cyprus is now by far the largest bank in the Republic of Cyprus. The main reason for this is the merger with the former second largest Laiki Bank in 2013 due to the financial crisis in the Republic of Cyprus. The majority of Laiki Bank was nationalized in 2012.
According to official information, the state share in the Bank of Cyprus was 11.4% for Cyprus and 2% for Greece at the end of 2012, there are also 9% foreign institutional investors, the rest is free float .
The largest shareholder in the Bank of Cyprus is the Russian oligarch Dmitri Rybolovlev . In 2010 he acquired - through his financial vehicle " Odella Resources Ltd. "With headquarters based on the British offshore - tax haven Virgin Islands was - 9.7% of the shares of the bank. (According to the bank's website, the shares were 5.01% in March 2013.)
In 2012, the banks sought state aid. Both Laiki Bank and Bank of Cyprus were hit hard by the Greek sovereign debt crisis, and Greece's 2012 haircut resulted in write-downs totaling over € 4 billion in the Cypriot financial sector. In 2012, both banks did not achieve the equity ratio of 9% required by the European Union , which is why the banks were in negotiations with the Cypriot government. On March 1, 2013, they announced that they would not be able to meet the statutory deadline for submitting the preliminary balance sheet for 2012.
They currently survive (as of March 2013) only with emergency aid from the European Central Bank . The ECB has announced: If the Republic of Cyprus does not accept the rescue package negotiated by the euro countries and the International Monetary Fund , the flow of money could dry up in a few days.
On March 25, 2013, after a special summit of the EU finance ministers, it was announced that the Laiki Bank will be completely wound up as part of the restructuring of the financial sector of the Republic of Cyprus and the Bank of Cyprus will take over the viable parts of the Laiki Bank (including the accounts up to 100,000 euros) . The Bank of Cyprus also takes over Laiki Bank's share of 9 billion euros in debt from emergency loans to the central bank. At the same time there is a participation of major customers (deposits over 100,000 euros) of the Bank of Cyprus, who now lose 47.5% of their deposits. They are converted into shares in the bank.
The Chairman of the Board of Directors of the Bank of Cyprus, Andreas Artemis, resigned in protest at the terms of the bailout, and the Central Bank of Cyprus dismissed CEO Giannis Kypris.
On May 14, 2019, Josef Ackermann was replaced by the Greek bank manager Takis Arapoglou from his position as Chairman of the Board of Directors, which he had held since November 2014.
Branch network
The bank has three larger branch networks, one in the Republic of Cyprus with 126 branches, one in Greece with 181 and a branch network in Russia with 190 branches. There are also 44 branches in Ukraine, 4 branches in Great Britain and 11 in Australia, which mainly serve the Cypriot minority. There is another branch on the Channel Islands and 10 in Romania.
other activities
The bank has maintained the Bank of Cyprus Cultural Foundation since 1984 , which provides funds for the preservation and restoration of Cypriot cultural assets. In addition, cultural goods are being bought back from a budget that entered the international market after the Turkish intervention in the north of the island.
The bank donated the construction of an oncological center. This center is run by the state.
See also
Web links
Individual evidence
- ↑ a b Bank of Cyprus, Shareholder Structure, 2012 ( Memento of April 3, 2013 in the Internet Archive )
- ↑ Reuters 2010
- ↑ Cyprus's banks: nationalized or in foreign free float , Wiener Zeitung March 18, 2013
- ↑ Die Zeit Online
- ↑ Cyprus Mail 2013 ( Memento of March 4, 2013 in the Internet Archive )
- ↑ The threat of national bankruptcy of Cyprus: In the grip of the banks , Spiegel Online, March 20, 2013
- ↑ Carsten Volkery rescue package for Cyprus: Bye Bye Banks Island , Spiegel Online, March 25, 2013
- ↑ Bankruptcy averted: ministers decide on rescue plan for Cyprus , Spiegel Online, March 25, 2013
- ↑ http://www.handelsblatt.com/unternehmen/banken/bankenrettung-bank-of-cyprus-saniert/8570328.html
- ↑ spiegel.de: [1]
- ↑ Torben Schultz: Ackermann should revive Bank of Cyprus. manager magazin, November 12, 2014, accessed on May 28, 2019 .
- ↑ Lianna Brinded: Bank of Cyprus funded and controlled by ex-KGB, Billionaires and Controversial former financiers. International Business Times, November 11, 2014, accessed May 28, 2019 .
- ^ Ackermann to step down from his position as chairman of the Bank of Cyprus. stockwatch, August 28, 2018, accessed on May 28, 2019 .
- ↑ Takis Arapoglou to be the new president of the Bank of Cyprus. stockwatch, February 16, 2019, accessed on May 28, 2019 .
- ↑ Efstratios-Georgios (Takis) Arapoglou. Chairman (subject to ECB approval). Bank of Cyprus, accessed May 28, 2019 .
- ↑ Bank of Cyprus - Cyprus' largest bank Lübecker Nachrichten of March 24, 2013
- ^ Bank of Cyprus Cultural Foundation
- ↑ Oncology Center funded by the Bank of Cyprus, pdf ( Memento from November 21, 2016 in the Internet Archive )