Bank of Cyprus marks 125th anniversary

The Bank of Cyprus proved its resilience, navigating the rough seas of the 21st century and emerging stronger, said group chairman Takis Arapoglou in an event the 125th anniversary of its founding. 

“Today it continues to offer a dynamic present and a promising future,” said Arapoglou explaining that the bank has supported innovation while upholding its core values of “integrity, reliability, professionalism, and cooperation”.  

The bank had to deal with big challenges, in reference to the haircut of 2013, but it emerged stronger and more determined, thanks to the hard work and dedication of its employees. 

The bank’s CEO, Panicos Nikolaou, reflected on the significant impact the bank has had on Cyprus’ modern history and economic development, noting it vital role in critical periods for the country.  

“The Bank’s imprint on the modern history of the country is strong and its contribution at critical periods and milestones has been significant,” he said.  

Nikolaou also underlined the bank’s commitment to social responsibility, a commitment exemplified by the establishment of the Bank’s Oncology Centre in 1998.  

President Nikos Christodoulides, who also addressed the event, said nothing could get in the way of the government’s aim to restore the country’s reputation and credibility abroad and believed the Bank if Cyprus would fully support this effort. 

He urged the Bank of Cyprus to work closely with the government, underlining the importance of such cooperation in achieving shared goals.  

“Only in this way will we be able to become a destination for quality investments with added value, which will create quality jobs.” Acknowledging the past challenges, especially the 2013 financial crisis, the President reminded that the Cypriot society paid a high price to support the banks, urging the Bank of Cyprus to continue supporting those in real need as part of its corporate responsibility. 

Christodoulides expressed optimism about the future, acknowledging improvements in the banking system and the broader economic environment.  

Wednesday’s gathering marked the start of the celebrations to mark 125 years of the Bank of Cyprus. Leading politicians and businesspeople were present at the event which presented the bank’s historical journey, its role in the country’s economic development, and its vision for the future.