Bank of Cyprus marks 125th anniversary

A long journey of milestones, difficult moments, and achievements for the country’s largest financial institution was how the Bank of Cyprus described its 125-year history.

A vision that took root over a century ago, driven by the aspirations of the Cypriot people, was destined to evolve into the largest financial institution of the country.

The anniversary was marked on Wednesday at the bank’s Nicosia headquarters in the presence of President Nikos Christodoulides, party leaders, officials and business people.

Addressing the event, Christodoulides said, “The Bank of Cyprus has been a lever of growth and a pillar of economic stability, has been one of the strongest ambassadors of the country abroad, the refuge of our people in tough times, while it has been and remains part of the society of Cyprus, the Cypriot community, which draws its existence from the depths of history.”

The Bank of Cyprus, originally established as the Nicosia Savings Bank, marked a new era of savings and cooperation envisioned by a group of Cypriot pioneers. By 1912, the bank had transitioned into a public limited company known today as the Bank of Cyprus, deeply intertwined with the history, economy, and society of Cyprus.

Throughout its history, the Bank of Cyprus has demonstrated unwavering commitment and resilience. In 1943, it expanded across the island, earning the moniker ‘Bank of All Cypriots,’ and adopted an ancient bronze Cypriot coin, symbolising its deep roots and commitment to the community.

Chairman Takis Arapoglou expressed his pride and gratitude, saying “It is a great thrill for me to participate in this year’s important milestone, to proudly share what the organisation has achieved, but also to express gratitude on behalf of all of us for the unreserved support and trust that the Bank of Cyprus has received from the Cypriot people over the years.”

Today, the Bank of Cyprus is the largest financial institution on the island, serving over 75 per cent of the population, more than 56,000 businesses, over 50,000 international clients, and insurance companies offering services to over 170,000 clients. The bank is known for its robust capital base, high liquidity, and sustainable profitability, attributes that have fortified its reputation among international ratings agencies.

On the occasion of the bank’s 125th anniversary, CEO Panicos Nikolaou highlighted its sustaining strength and future outlook. He said “125 years after the establishment of the Bank of Cyprus, we are proud because the largest bank in the country is here, strong and ready to meet the challenges of the times. We will continue with the same zeal and seriousness to create value for the economy, society, culture, the Bank of Cyprus Group itself, and of course for our customers and shareholders.”

Corporate Social Responsibility is integral to the bank’s ethos. In 1984, the Bank of Cyprus Cultural Foundation was established to preserve and promote Cypriot culture, celebrating its 40th anniversary this year.

Another significant contribution is the Oncology Centre, established in 1998, which has supported almost 50,000 patients to date. The bank also launched the IDEA Innovation Centre in 2015, a major non-profit incubator for start-ups, and Support CY in 2020 to aid frontline professionals during the pandemic.