Bank of Cyprus

Business in Ukraine

OJSC "Bank of Cyprus" (formerly "AvtoZAZbank") was founded in 1991, and now its network has more than 40 branches and branches in various regions of Ukraine. The bank offers a full range of banking services to both large enterprises and private entrepreneurs. One of the priority areas of the bank's activities is the development of partnerships with corporate clients.

History

2024: Closing of representative offices in Moscow and St. Petersburg

Main article: Foreign banks in Russia

In January 2024, Bank of Cyprus closed its representative offices in Moscow and St. Petersburg. "From Monday, January 22, the accreditation of Bank of Cyprus representative offices in Russia has been terminated: in Moscow and St. Petersburg," the Central Bank of the Russian Federation said.

2023: Forced closure of 4 thousand accounts of Russian citizens under US pressure

The largest bank in Cyprus - Bank of Cyprus - will forcibly close 4,000 accounts of Russian citizens within two months. According to the Cypriot newspaper Phileleftheros, the credit institution made such a decision due to "fears of Western sanctions for servicing Russians."

In April 2023, it was announced that accounts would be closed by June 2023. Closing accounts will affect 4,000 customers who have a Russian passport and do not live in EU countries, writes Frank Media with reference to the bank's press service.

2022: €100m spent on employee layoffs, a quarter of branches closed

In July 2022, Bank of Cyprus said it had executed a staff lay-off plan ahead of schedule and cut a quarter of its branches and spent about 100 million euros on employee layoffs.

2019: V.Vekselberg shareholder rights restriction after U.S. sanctions against him

In November 2019, Bank of Cyprus canceled the voting rights of its shareholder (9%) Viktor Vekselberg in decision-making at the bank after Ministry of Finance USA imposing sanctions against him in April 2018. Vekselberg's dividend was also frozen.