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Major Shareholder View

Bank of Cyprus Holdings Plc

Company Description

The Bank of Cyprus was founded in Cyprus in 1899 under the name “Nicosia Savings Bank” by a group of Cypriot businessmen. It was renamed to “Bank of Cyprus” in 1912 and registered in 1930 according to the Cypriot Companies Law 18/1922 as a limited company.

The Bank of Cyprus (the “Bank”) over the next decades (1930-1970) expanded its activities geographically throughout Cyprus, London and to relevant activities by the formation of a real estate bank, an insurance company and the Bank of Cyprus Financing Organisation. Through the activities of these companies, the Bank of Cyprus Group was formed (the “Group”).

Over the next two decades, the Group expanded its range of services into investments, leasing and factoring.

Towards the end of 2000, the Bank’s network in Cyprus numbered 198 branches and in the United Kingdom 8 branches. In 1991, the Bank expanded to Greece where by the end of 2000 it had 31 branches. In 2000, a subsidiary bank was formed in Australia, Bank of Cyprus Australia Pty Ltd., the first bank from the Hellenic and Cypriot regions in Australia. As at the beginning of 2001, Bank of Cyprus Australia Pty Ltd. operated 5 branches in Australia.

Upon official commencement of operation of the Cyprus Stock Exchange in 1996, shares of the Group were listed on the CSE. Prior to that, shares of the Group were traded through the unofficial stock exchange which operated under the auspices of the Cyprus Chamber of Commerce & Industry. In November 2000, shares of the Group were listed on the Athens Stock Exchange.

The Group has three basic sectors of activity: (a) retail and commercial banking and financial services, (b) life and general insurance and (c) real estate and hotel activities. Banking and financial services are carried out mainly in three areas, Cyprus, Greece and the United Kingdom as well as other countries. Other activities are exclusively carried out in Cyprus.
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