Bank of Cyprus products, services and reviews

About Bank of Cyprus

Bank of Cyprus is the largest banking group in Cyprus, operating primarily through Bank of Cyprus Public Company Ltd and group subsidiaries. It provides retail, SME, corporate and wealth services, including current and savings accounts, term deposits, consumer and mortgage lending, cards, merchant acquiring, domestic and cross‑border payments (SEPA and SWIFT), trade finance, treasury and custody. Through group entities it offers life and general insurance and asset management, and it manages repossessed real estate via a dedicated unit. The institution is headquartered in Nicosia and is designated a significant institution under the European Central Bank’s Single Supervisory Mechanism; it prepares IFRS financial statements and is subject to EU banking, resolution and AML frameworks. Eligible deposits are covered by the Cyprus deposit guarantee scheme up to €100,000 per depositor per bank. Account opening is available to residents and, subject to enhanced due diligence, to non‑residents and companies; onboarding typically requires verified identification, proof of address, tax information and documented source of funds, and processing times can be lengthy for complex structures. Pricing is disclosed in published tariff documents and typically includes monthly account maintenance, domestic and international transfer fees, card fees and charges for cash services; foreign exchange margins apply to non‑euro payments. Digital channels include web banking and mobile apps with controls such as multi‑factor authentication and transaction limits; branch and call‑centre support remain available. The bank’s risk profile was materially affected by the 2013 Cypriot banking crisis; since then it has pursued de‑risking, reduction of non‑performing exposures and disposal of non‑core assets. For businesses, the bank provides cash management, payroll, POS, guarantees and letters of credit; for individuals it offers everyday banking and lending products consistent with eurozone practice. Suitability depends on the customer’s residency, compliance profile, service needs and tolerance for procedural requirements.