Bank of Cyprus Public Company Ltd

Founded in 1899, Bank of Cyprus is the leading banking and financial services provider in Cyprus, with significant market shares across all businesses. The bank offers a wide range of financial products and services including retail and commercial banking, factoring, investment banking, brokerage, fund management, private banking, and insurance.

Contacts 
    Address  51, Stasinou Street, Strovolos, 2002, Nicosia, Cyprus
    Phone  (+357) 2212 8000
    Website  http://www.bankofcyprus.com/
Head of Group   Bank of Cyprus (Cyprus)
Credit Ratings (as of Apr 2016)
    Fitch  RD (restricted default)
    Moody's  Caa3 (in default with little prospect for recovery)
    S&P's  - (not rated)
Deposit Guarantee  Yes (up to 100 000 EUR per depositor)
Bank Identifiers
    BIC (SWIFT)  BCYPCY2N
    MFI ID  CY110002

Credit Ratings

Credit Rating is an opinion of a credit rating agency about credit worthiness of a company or a government.
Of the 'Big Three' rating agencies, Bank of Cyprus Public Company Ltd is rated by Fitch and Moody's.

Credit ratings assigned to Bank of Cyprus Public Company Ltd as of April 2016 are shown in details in the following sections.

Fitch

Long-term issuer default rating is Fitch's view of a credit institution's relative vulnerability to default on its financial obligations, for Bank of Cyprus Public Company Ltd it is set to RD (restricted default). The rating is not on watch. Short-term issuer default rating for Bank of Cyprus Public Company Ltd is set to RD (restricted default).

Long-Term Issuer Default Rating  RD
    Outlook  -
    On Watch  No
Short-Term Issuer Default Rating  RD
Viability Rating  f
Support Rating  5
Support Rating Floor  NF

Viability rating for Bank of Cyprus Public Company Ltd is set to f (has failed, and that either has defaulted or would have defaulted had it not received extraordinary support); support rating is 5 (there is a possibility of external support, but it cannot be relied upon); support rating floor is NF (no floor; no reasonable presumption of potential support being forthcoming).

Moody's

Long-term rating for Bank of Cyprus Public Company Ltd it is set to Caa3 (in default with little prospect for recovery). Long-term bank deposit rating is Caa3 (in default with little prospect for recovery). Bank financial strength rating is caa3. Short-term rating is not assigned.

Long-Term Rating  Caa3
Long-Term Bank Deposit Rating  Caa3
Bank Financial Strength Rating  caa3
Short-Term Rating  -
Outlook  stable

Outlook for the ratings of Bank of Cyprus Public Company Ltd is set to stable (not likely to change).

Deposit Guarantee

Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.

All credit institutions operating in Cyprus are obliged to participate in Cyprian deposit guarantee scheme.

In the case of Bank of Cyprus Public Company Ltd failure, eligible depositors having covered accounts in this bank will be paid out the following compensation:

Maximum Protected Amount  100 000 EUR
Paid In Currency  EUR

Further Information: Deposit Guarantee Scheme in Cyprus

ECB Minimum Reserves Requirements (MRR)

Minimum reserves is the minimum amount of reserves a credit institution is required to hold with a central bank.

Subject to MRR by ECB  Yes
Exempt from MRR by ECB  No

Bank Identifiers

Any bank can be identified for different purposes and hence can have several different identifiers.

BIC

BIC (Business Identifier Code, also known as SWIFT code or SWIFT BIC) is a the mostly used international identifier of financial institutions. SWIFT is the registration authority for BICs. BICs are used in financial transactions, client and counterparty data bases, compliance documents and many others.

A BIC consists of eight or eleven characters, comprising a financial institution code (four characters), a country code (two characters), a location code (two characters) and, optionally, a branch code (three characters).

BIC of Bank of Cyprus Public Company Ltd and its components are shown in the table below.

BIC  BCYPCY2N
Bank BIC Code  BCYP
Country Code  CY (Cyprus)
Location Code  2N
Branch Code  -

MFI ID

MFI ID (Monetary Financial Institution Identifier) is a code, unique to each institution in the MFI list provided by ECB (European Central Bank). MFI ID is hence applicable to MFIs resident in the European Union.

The code is alphanumerical, with the first two digits representing the two-digit ISO code for the country of residence of the MFI and the remaining number of digits (no limit has been specified) is any combination of alphanumerical characters.

MFI ID of Bank of Cyprus Public Company Ltd is shown in the table below.

MFI ID  CY110002

Related Information on Cyprus

  Economy and Banking Sector of Cyprus

  List of Banks in Cyprus

Country Information

  Economy and Banking Sector of Cyprus

  List of Banks in Cyprus


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