BoC CEO holds banking, finances discussion with students

Bank of Cyprus (BoC) CEO Panicos Nicolaou held an unusual meeting this week. In an enthusiastic, positive atmosphere, BoC’s chief held a discussion with secondary school students and answered their key questions on interest rate hikes, digital transformation and digital products, the green economy, ESG strategies, and more.

The discussion took place within the framework of the “Young People Ask” programme, which gives youth a chance to dialogue with leading figures from the world of politics, business and social life, towards developing their initiative, good communication and critical-thinking.

In a packed room at the Bank’s Head Office in Nicosia, students from private and public schools asked many incisive and substantive questions, listening with interest to CEO Nicolaou’s answers.

Impressed with the content of the young people’s queries and maturity, he invited them to “reach out where they can”, while also admitting to mistakes made in the banking industry in previous years.

He commented positively on the behaviour of today’s borrowers, especially young people, who are more knowledgeable about personal finance nowadays, and fulfill their loan obligations first before other needs.

Responding to questions, he said the “digital transformation is a one-way street for banks, and digital transactions are governed by a strict legal framework, providing security and protection to customers’ personal data”.

He also mentioned deposit plans offered at interest rates of up to 3%, the demand for lower mortgage loans, especially for apartment purchase, and answered questions on the need for the green economy, as well as “green” mortgages, especially lower interest rate loans, due to the increase in climate risks.

CEO Nicolaou also referenced BoC’s undertakings to support young people via the IDEA Innovation Centre, the Bank’s contribution to social issues such as the creation and continued funding of the Bank of Cyprus Oncology Centre, as well as its creation and ongoing operation of the SupportCY Network.

Further discussions as part of the “Young People Ask” programme, are set to follow.