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BOC trasnfers UK business to decrease costs

06/02/2003 13:08
The transfer of business of the Bank of Cyprus (London) Ltd (BCL) to the UK branch of the Bank of Cyprus (“BOC UK Branch”) aims at the decline of operating cost, head of BOC’s Investment Relations, Marianna Pantelidou, told StockWatch.

The transfer is expected to reduce the operating cost of the UK branch and reduce the regulatory capitals needed for the subsidiary (BCL), achieving in this way their development.

It is worth mentioning that BOC will continue to have seven branches in the UK while no accounting complications are to result from the transfer.

Meanwhile, On Tuesday the international agency Fitch downgraded the Bank of Cyprus’ ratings, expressing its concern over the economic uncertainty, bad debts and the operating costs. The Bank has announced that it does not expect negative consequences from the downgrading.

The Bank of Cyprus stock closed 0.8% higher at CYP 1.27 on Thursday.