Transfer of business to Bank of Cyprus UK Limited
Transfer of business to Bank of Cyprus UK Limited took effect 25 June 2012
Further to our recent announcement, we are pleased to confirm that the court has approved the transfer of the banking business carried out by Bank of Cyprus Public Company Limited through its UK branch to Bank of Cyprus UK Limited. The transfer took effect on 25 June 2012.
Bank of Cyprus UK Limited assumed almost all aspects of the Bank of Cyprus UK branch’s banking business, including all assets, liabilities, contractual rights, obligations, guarantees and security arrangements, save for certain staff pension obligations and a small number of loans where we have informed customers individually.
We will continue to trade as ‘Bank of Cyprus UK’ and to be run by the same dedicated UK management team. There is no change to day-to-day banking arrangements for our customers as a result of the transfer of business.
Security of deposits
Bank of Cyprus UK Limited, which is a wholly-owned UK subsidiary of Bank of Cyprus Public Company Limited, is authorised and regulated by the Financial Services Authority and all eligible deposits in all currencies are protected by the UK Financial Services Compensation Scheme (FSCS) up to £85,000 per customer.
Continuity of business
The range of banking and other customer services currently offered by Bank of Cyprus UK is not affected by the business transfer.
All customer accounts are now accounts of Bank of Cyprus UK Limited without the need for new mandates. Bank of Cyprus UK Limited automatically assumes all customer agreements, transactions and security arrangements, including customers’ standing order and direct debit instructions.
Customers are still be able to use their existing cheque books, debit cards and other documentation. Existing credit facilities and other agreements you entered into with us before the transfer will remain in force and be governed by the same terms and conditions.
If you are one of our suppliers or business partners there is no change to your arrangements with our business as a result of the business transfer.
We are in the process of writing to all our customers, suppliers and other stakeholders to provide further details on this change. If you have any questions please call Customer Service on 0845 850 5555 from 9.00am to 5.00pm Monday to Friday and 9.30am to 12.30pm Saturday (calls may be recorded for monitoring and training). Alternatively you can email us at firstname.lastname@example.org