The authoritative financial publication Euromoney named Bank of Cyprus the best in the country, awarding it the 2025 Award for Excellence. This is the tenth time in recent years that the largest financial institution on the island has received such a prestigious award, confirming its strong position on the international stage.
Key achievements in 2024
The award is based on the bank's performance from January 1 to December 31, 2024. Notable achievements include distributing €241 million in dividends to shareholders, nearly doubling the amount paid in 2023. Additionally, the bank updated its dividend policy, setting a target payout ratio of 50%-70% starting in 2025.
Another significant event was the successful listing of Bank of Cyprus shares on the Athens Stock Exchange (ATHEX), increasing the shares' liquidity and visibility on international markets.
Innovation and Sustainable Development
The bank paid particular attention to digital transformation. One innovation is the launch of online mortgages, which simplifies access to housing loans for customers. In 2024, the bank issued its first green bond loan, worth €300 million. The proceeds will finance sustainable and environmentally significant projects.
Comments from Management
CEO Panicos Nicolaou emphasized that receiving such prestigious international recognition for the tenth consecutive year is a great honor for the bank. He noted that the award reflects the bank's strategies of innovation, improving customer experience, developing sustainable finance, and supporting the Cypriot economy.
Nicolaou added that Bank of Cyprus remains focused on two priorities: providing quality services to customers and creating long-term value for shareholders.
Outlook
According to analysts, Euromoney's recognition strengthens the Bank of Cyprus's position as a key financial institution in the Eastern Mediterranean. Amid an active transition to digital technologies and a green economy, the bank continues to lead the development of sustainable financial instruments and business support in Cyprus.