Insider Business BoC: Award for Best Corporate Governance in Cyprus

BoC: Award for Best Corporate Governance in Cyprus

The Bank of Cyprus Public Company Ltd, building on its robust corporate governance framework and the commitment of its Board of Directors to best practices has won the World Finance Award for Best Corporate Governance in Cyprus for the third consecutive year (2017, 2018, 2019).

The bank said the award is a testament its continuous efforts to reshape the future of the Cyprus banking environment and enable sustainable growth to create a safer, stronger, more focused institution capable of supporting the recovery of the Cypriot economy.

The Bank of Cyprus capitalising on the diversity of its Board of Directors – in terms of skills, background, gender, ethnicity, age and experience – is taking solid strides in operating in a state of the art corporate governance environment within prudent and effective controls which enable risk to be assessed and managed. The tone from the top reaffirming the maintenance of zero-tolerance towards non-compliance with policies and regulations nurtures a culture and a mind-set that is aware of risk and maintains it within the Risk Appetite Framework approved by the Board.

Transparency is a motto BoC has embraced and to this respect has uploaded its policies on the website and enriched the corporate governance section of its website to include as much information as would be of interest to its customers, investors and shareholders.  External and internal communication with all stakeholders is actively pursued since achieving best practice in corporate governance is a dynamic process between the Board, management, shareholders and other stakeholders and the Board of Directors of the Bank of Cyprus is committed to this respect.

In the past five years, the Bank was significantly recapitalised with external funds. ELA was fully repaid ahead of most people’s expectations. Deposits have grown substantially as customer trust has been re-established. Unprofitable overseas businesses were disposed of and capital brought back to support the Cyprus operations. Non-performing loans have been significantly reduced from €15 billion to €4.8 billion and the effort continues.  Capital now stands at 18% and the loan-to-deposit ratio stands at 65%.

The Bank has now embarked on a digital and physical transformation of its Cyprus operations and has already experienced better customer engagement and the recovery of trust with its customers, supervisors and society.

 

Previous articleAigeon
Next articleVino Cultura Wine Bar & Cellar

Top Stories

Twice as many tests in Cyprus than UK per 100k population, 10x that of Holland – report

According to data from the latest report by the Health Ministry's Epidemiological Surveillance Unit, as of June 2, Cyprus has performed 13,734 tests per...

No new Covid-19 cases in Cyprus on Thursday

No new coronavirus cases were reported in Cyprus on Thursday after 1996 tests, in what Health Ministry experts described as "a brilliant result" at...

EU considers broadening scrutiny of foreign investments

The European Union's executive has proposed broadening scrutiny of foreign investments in the bloc, according to a public draft document, part of efforts to...

Wedding industry pleads for rethink on gathering restrictions

The government's decision yesterday to entirely lift the ban on gatherings on September 1 has taken the wedding industry by surprise, with a group...

Fiscal Council urges caution with public funds

    The government should be cautious in channeling public funds until there is clarity concerning the development of the crisis caused by the coronavirus outbreak, ...

Taste

Poulles (Υoung kolokassi)

Either you thrash the coriander seeds in a mortar, without making them into dust, or you gradually crush them in a blender. Remove the edges...

Pork cooked in wine

Crush the coriander seeds in a pestle and mortar or pulse-blend in a blender, taking care not to over-grind. Put the meat in bowl (not...

Lefkaritikos tavas – O ‘protinos’

Wash and dry the meat and rice separately. In a ‘tava’ (oven proof deep clay pot) first put a layer of five-six pieces of meat...

Local cuisine: An introduction

Rich in fresh ingredients and tasty herbs, offers the very best of Mediterranean culinary delights. Head out to a tavern and feast on a...