Bank of Cyprus was founded in 1899 as the Nicosia Savings Bank, is a Cypriot bank. It was the first Cypriot bank; before then, all other banks in Cyprus were foreign-owned. The bank became a public company and was renamed Bank of Cyprus in 1912.
Nowadays, the bank has 121 branches in Cyprus, Romania, Greece, Ukraine, Russia and China. It is the largest bank in Cyprus, with more than 80% of Cypriots having an active account. The bank has a 40% share of the banking sector in Cyprus. Bank of Cyprus is headquartered in Strovolos. The UK operation began in 1955.
Bank of Cyprus Products and Services
Bank of Cyprus offers a wide range of banking services to both personal and corporate clients. Personal clients can choose from several accounts, including the online-only Easy Access Savings Account. This gives customers complete control over their finances through online banking. Personal current accounts are offered both in sterling and in Euros. Personal customers can also take out a range of ISAs, including junior ISAs, and fixed rate bonds.
For corporate clients, there are a range of services available including foreign exchange, interest rate risk management, lending options, and business lending. Corporate clients can also choose from a range of payment options for their business, including CHAPS, SWIFT and Faster Payments.
Bank of Cyprus Awards
In 2018, Bank of Cyprus was awarded ‘Excellent’ by Moneyfacts for their Online Easy Access Savings Account. The bank also won the Savings Champion award for Best Short Term Fixed Rate Cash ISA Provider.
Security at Bank of Cyprus
The Bank of Cyprus makes several identity checks before opening accounts for customers. UK customers can usually have their identity confirmed electronically, but non-UK residents may need to provide documentation. Deposits made by Bank of Cyprus UK customers are covered by the Financial Services Compensation Scheme (FSCS) up to the value of £85,000.