Cyprus Mail

Bank of Cyprus ready to support the economy, says CEO 

Panicos Nicolaou warns banks on management of NPLs.

Being the largest financial institution in the country, Bank of Cyprus must and will continue to support Cyprus’ economy in the midst of the emerging crisis caused by the coronavirus pandemic, the bank’s Chief Executive Officer Panicos Nicolaou said.

“As one of the largest employers and as the biggest financial institution in Cyprus, we are an integral part of the social fabric,” he said. 


We support the economy and society and we must continue to do so. We are looking for ways to relieve those most affected by the crisis with practical measures.”

“In such times, the most powerful have an obligation to support the most vulnerable. Bank of Cyprus has always been and will always be next to the people that trusts and supports it.”

Nicolaou said the bank was keeping a close eye on the virus’ development and that there was an emergency plan in place. 

We have activated a management plan regarding the pandemic since mid-February, which will continue to be changed and scaled up based on developments, government decisions and expert guidance,” he said.

“We have taken strict measures of prevention and protection in our branches. We separate groups and maintain safe distances. We do regular disinfection, continuous cleaning and have intensified personal hygiene measures.

Nicolaou assured “the bank is strictly adhering to the measures issued by the Ministry of Health in order to control the flow of customers and preventing incidents”.

“We encourage our customers to stay at home and turn to our online services to for their banking needs. They can conduct all their businesses from home, there’s no need to physically come to the bank.”

Finally, he said that Bank of Cyprus encouraged their employees to work from home. 


We have already postponed travel, events, gatherings, sincetechnology provides us with solutions to work in an alternative and much safer way.”

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