Cyprus Mail

Integration of former Co-op and Hellenic Bank to be completed on Monday

The integration process of Cyprus Cooperative Bank (CCB) and Hellenic Bank will be completed on Monday, a year after the acquisition of the former by the latter, without seriously affecting former CCB clients, the bank said on Friday.

According to the Hellenic Bank’s website, the integration process started on Friday morning and would be completed by Monday morning. There will be no fundamental changes that would affect clients of the former CCB.

The branches of Hellenic Bank and the former network of CCB were closed to the public at 11:30am as were iBanking and COOP Mobile. Services will resume on Monday morning and clients would need to transfer to the bank’s new web banking system. Any payments ordered after 11:30am on Friday will be executed on Monday.

ATMs will be working normally during over the weekend and all clients can withdraw money using both CCB and Hellenic Bank cards. There will be no SMS notification for transactions with CCB cards.

All the former CCB cards will operate normally in Cyprus and abroad until they are gradually replaced.

The former IBAN and BIC numbers of CCB clients will change but they will still be able to use their previous ones. The new BIC is HEBACY2N and the new IBAN will be shown in the statements that customers will receive after Monday.

Loans of the former CCB clients will remain under the same terms.

The bank assures of the smooth transfer of the former CCB clients to the “new Hellenic Bank”. For that purpose, the testing of the system started about a year ago and has been intensified in the last few months.

“With the full integration, we will become one bank serving all clients uniformly. Hellenic Bank staff is determined to bring a successful end to the integration process,” Fivos Leontiou, Senior Integration Manager said on Friday.

Hellenic Bank acquired the healthy part of the CCB on September 2018. The CCB, which was created by the merger of all co-op credit organisations after the 2013 banking crisis, had become unviable because of its failure to reduce its non-performing loans (in the region of €7 billion), despite the injection of billions of euro by the taxpayer.

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