Polca Framework for the Boc

1. Company Development

On January 1st, 1899, a group of progressive and visionary Cypriots led by Ioannis Economides founded the "Nicosia Savings Bank" the first banking institution in Cyprus. In 1912 The "Nicosia Savings Bank" became a public company and changed its name to Bank of Cyprus. The Bank is the holding company of the Bank of Cyprus Group, leading financial services organisation in Cyprus, with a dynamic presence in Greece and operations in the United Kingdom and Australia. The Group offers a wide range of financial products and services, which include banking services in Cyprus, Greece, United Kingdom, Australia and Channel Islands, finance, leasing, factoring, brokerage, fund management, general and life insurance services in Cyprus and Greece, and investment banking services in Cyprus (Bank of Cyprus, 2011).  The Bank operates a total of 595 branches of which 211 operate in Russia, 185 in Greece, 143 in Cyprus, 27 in Ukraine, 12 in Romania, 12 in Australia, 4 in the United Kingdom and 1 in the Channel Islands. Bank of Cyprus also has 9 representative offices in Russia, Romania, Ukraine, Canada and South Africa and employs 12.500 staff worldwide. In addition to retail and commercial banking, the Group’s activities include finance, factoring, investment banking, brokerage, fund management, life and general insurance. 

2. Planning

2.1 The Bank’s Vision and Mission

2.2 The Sector and Main Competitors

The banking sector in Cyprus consists of local banks, subsidiaries and branches of foreign banks. The Central Bank of Cyprus has a supervising, regulating and monitoring role. The main competitors of the Bank of Cyprus are Marfin Laiki Bank and Hellenic Bank. Marfin Laiki Bank has 512 branches (115 in Cyprus), 577 ATM (129 in Cyprus) and employees 8,990 (2435 in Cyprus). Hellenic Bank Public Company has 98 branches, 79 ATM and employees 1481.

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