Bank of Cyprus Public Company Limited

Beginning of cooperation Last contact Last update
August, 2006 October, 2017 October, 2014

GSL reference about the bank

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Following the decisions of the Eurogroup meeting on 25 March 2013 and the decrees issued by the Central Bank of Cyprus, the Bank was under Resolution from 25 March 2013 until 30 July 2013, a period during which it was recapitalised and restructured. The recapitalisation was implemented via the bail-in of depositors, through the conversion of 47,5% of uninsured deposits into equity. In addition, the holders of ordinary shares and debt securities issued by the Group as of 29 March 2013 have contributed to the recapitalisation through the absorption of losses

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    Bank's characteristics

    General information and rating

    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    368 1 CCC
    Year of foundation 1899
    History Established in 1899 as Nicosia Savings Bank; in 1912 name changed to Bank of Cyprus and recognised as a public company. In 1944 absorbed Melissa Bank Ltd. (est. 1924); in 1946, Cyprus Savings Bank Ltd. (est. 1924), and in 1953, Banque Populaire de Paphos Ltd. (est. 1924). In 1982 absorbed the branches of The Chartered Bank (est. 1957). On May 19, 2004 name changed as above. On November 1, 2004 Bank of Cyprus (London) Limited merged with UK branch of Bank of Cyprus. On January 1, 2006 Bank of Cyprus Factors Ltd and Bank of Cyprus Finance Corporation Ltd merged into Bank of Cyprus. On December 10, 2010 Mortgage Bank of Cyprus Ltd merged into the above. On June 25, 2012 the UK branches were transferred to Bank of Cyprus UK Limited. On March 26, 2013 all Greek branches of above entity were acquired by Piraeus Bank SA
    Personnel Russian-speaking and English-speaking personnel. The Bank of Cyprus Group employs 11 101staff worldwide
    Bank’s shareholders Cyprus Popular Bank Public Co Ltd, with a holding of 9,624%; Renova Group, with a holding of 5,455%; TD Asset Management, with a holding of 5,232%; European Bank for Reconstruction and Development, with a holding of 5,021%
    Confidentiality Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed; Active member of OECD, FATF, Basel Commitee, Egmont Group etc.

    Minimum requirements

    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    0 No restrictions No restrictions
    Transactions permitted per month The number of transactions permitted is not limited
    Initial deposit of funds, € Initial deposit amount is not specified
    Deadline for the initial deposit, month There is no deadline for initial deposit
    Minimum turnover, €/year There are no specific requirements for the minimum turnover
    How fast payments are executed Ordinary payments are executed during 2 days. Same Day value available. Cut-off time: USD - 16:30; EUR - 15:00; RUR - 13:00

    Tariffs and services

    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    75 42 150 N/A N/A
    Outcoming transfer, € SWIFT transfers within Cyprus: up to EUR 1 000 – EUR 5; from EUR 1 000 to 50 000 – EUR 12. SWIFT transfers through Internet Banking within the EU: up to EUR 1 000 – EUR 3, from EUR 1 000 to 50 000 – EUR 6. SWIFT transfers in EUR outside Cyprus and the EU: 0.15%, min. EUR 5, max. EUR 400 + processing fee EUR 12. SWIFT transfers with same day value and in the same currency: additional fee 0.05%, min. EUR 20 max. EUR 200
    Incoming transfer, € SWIFT transfers from BOC customers: charges for USD transactions: up to EUR 2 000 – EUR 2, from EUR 2 000 to 50 000 – EUR 10, over EUR 50 000 – EUR 40; charges for EUR transactions: up to EUR 10 000 – no charges, from EUR 10 000 to 50 000 – EUR 4, over EUR 50 000 – EUR 30. SWIFT transfers from other banks: charges for USD transactions: up to EUR 2 000 – EUR 2 + processing fee EUR 12, from EUR 2 000 to 50 000 – EUR 10 + processing fee EUR 12, over EUR 50 000 – EUR 40 + processing fee EUR 12; charges for EUR transactions: within Cyprus – no charges; outside Cyprus – up to EUR 10 000 – processing fee EUR 12, from EUR 10 000 to 50 000 – EUR 4 + processing fee EUR 12, over EUR 50 000 – EUR 30 + processing fee EUR 12
    Account maintenance, €/year Maintenance fee for IBU customers (International Business Units) is 150 EUR annually (for legal entities only). Service charge for savings accounts is 5 EUR annually. When the balance is less than 5 EUR the account is charged with the amount which evens the balance of the account to zero
    Funds to be blocked for CC issue, € There is no debit card balance that would lead to the blocking of the account
    Distant access to the account Through 1 Bank system which includes internet banking, telebank, mobile bank, I Phone bank, fax instructions. Access through Digipass which generates one time dynamic codes. Interface languages: Russian, English, Greek
    Financial products Chequebooks, loans, credit facilities, mortgage, hire purchase, deposit of goods into bonded warehouse, shipping guarantees, letters of guarantee (tender, performance, advance payment, payment), bills for collection, negotiation of foreign bills
    Credit/debit cards A wide selection of personal and business cards – VISA, MasterCard and American Express. No blocking amount for debit cards. Classic Visa IBU Debit Card – free; Additional Cardholder – free. Gold Visa IBU Debit Card – EUR 42.50; Additional Cardholder – EUR 20. Gold Visa IBU Debit Card for Companies – Company fee EUR 25.50; Card Holder – EUR 20. Classic Visa IBU Debit Card – USD 20; Additional Cardholder – USD 10. Gold Visa IBU Debit Card – USD 50; Additional Cardholder – USD 25. Classic Visa IBU Debit Card for companies – Company Fee USD 10; Card Holder – USD 10. Gold Visa IBU Debit Card for Companies – Company Fee USD 30; Card Holder – USD 25
    Hold mail EUR 100 per annum – individuals; EUR 150 per annum – legal entities

    Account opening procedure

    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    1 1 Not necessary Detailed Current
    Visit to the bank The account can be opened through Representative Office of the Bank
    Required General set of legal documents leading to the current status of a company. Documents are certified through Representative Office of the Bank
    Types of accounts Personal; Corporate; Savings; Current
    Opening procedure and Due Diligence It is possible to open an account without visiting the country where the bank is located
    Chances to open an account Predictable
    Business description Relatively detailed: in addition to the description of the business, the origin of funds needs to be disclosed
     
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