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Laiki UK branch advances acquired by Bank of Cyprus Public Company Limited and Laiki UK branch deposits acquired by Bank of Cyprus UK Limited - 02 April 2013

Cyprus Popular Bank Public Company Limited (known as ‘Laiki’), Bank of Cyprus Public Company Limited and Bank of Cyprus UK Limited announce that, pursuant to decrees of the Central Bank of Cyprus:

• the customer advances of the Laiki UK branch have been transferred to Bank of Cyprus Public Company Limited; and
• the customer deposits of the Laiki UK branch have been transferred to Bank of Cyprus UK Limited, a wholly-owned UK subsidiary of Bank of Cyprus Public Company Limited.

The Laiki UK branch customer advances (including all loans mortgages, credit cards and overdrawn accounts) transferred to Bank of Cyprus Public Company will, for now, continue to be administered by the Laiki UK branch on behalf of Bank of Cyprus Public Company Limited.

The Laiki UK branch customer deposits (including current accounts in credit) transferred to Bank of Cyprus UK Limited comprise some 15,000 accounts with total balances of approximately £270m. In consideration for Bank of Cyprus UK Limited assuming liability for these deposits it has received an equivalent amount in cash from Laiki.

Bank of Cyprus UK Limited is a separately capitalised UK incorporated bank, which is subject to UK regulation. As with all deposits of Bank of Cyprus UK Limited, the transferred deposits now have the protection of the UK’s Financial Services Compensation Scheme up to £85,000 per eligible depositor, and will not be subject to the imposition of any ‘levy’, ‘haircut’ or withdrawal restrictions applicable to deposits with banks in Cyprus.

Bank of Cyprus UK Limited will honour pre-existing terms of the transferred deposits, save that overdraft facilities attaching to current accounts in credit have ceased. However arrangements are being made to enable affected customers to apply for new overdraft facilities with Bank of Cyprus UK Limited.

Furthermore to ensure continuity of service during transition, holders of transferred deposits can continue to use the branch services of the Laiki UK branch.

Save for customer advances and customer deposits, no assets, liabilities, premises, staff or other obligations of the Laiki UK branch have been transferred to Bank of Cyprus Public Company Limited or Bank of Cyprus UK Limited.

2 April 2013

Contact for further information

James Terry
Telephone +44 7941 829582
bankofcyprusUK@teamspiritpr.com

Eurozone reaches agreement with Cyprus on financial aid - 25 March 2013

Eurozone finance ministers have announced agreement with the Cypriot authorities on measures to secure financial aid for Cyprus.

 The measures agreed include:

• protection of insured deposits with banks in Cyprus up to €100,000
• recapitalisation of our parent bank, Bank of Cyprus Public Company Limited, involving the conversion into equity of a portion of that bank's uninsured deposits
• the splitting of Cyprus Popular Bank Public Company Limited (Laiki) into a 'good bank' to be folded into Bank of Cyprus Public Company Limited and a 'bad bank' to be run down over time

There is no effect on deposits with Bank of Cyprus UK Limited which is a UK bank.

Bank of Cyprus UK Limited is a separately capitalised UK incorporated bank, is subject to UK financial regulation, and eligible depositors are protected by the UK’s Financial Services Compensation Scheme.

 

25 March 2013

Financial aid for Cyprus - 21 March 2013

Discussions are continuing on options to secure financial aid for Cyprus and its banking sector.
 
There is no effect on deposits with Bank of Cyprus UK Limited which is a UK bank and open for business to its customers.
 
Bank of Cyprus UK Limited is a separately capitalised UK incorporated bank, is subject to UK financial regulation, and eligible depositors are protected by the UK’s Financial Services Compensation Scheme.

21 March 2013

Eurozone announces financial aid for Cyprus - 16 March 2013

The Eurozone finance ministers have announced that, against a background of measures agreed with the Cypriot authorities, financial assistance to Cyprus is warranted to secure the financial stability of Cyprus and the euro area.

Whilst the measures agreed include an up-front one-off stability levy on deposits in Cyprus, there is no effect on deposits with Bank of Cyprus UK Limited which is a UK bank.

Bank of Cyprus UK Limited is a separately capitalised UK incorporated bank, is subject to UK financial regulation, and eligible depositors are protected by the UK’s Financial Services Compensation Scheme.

16 March 2013

 

Scheduled maintenance to Bank of Cyprus UK Online Banking - 05 September 2012

Due to essential maintenance from 13:00 to 15:00 (UK Time) on Saturday 08 September 2012, you may experience a delayed response from your Bank of Cyprus UK Online Banking.

We apologise for any inconvenience this may cause.

Completion of transfer of business to Bank of Cyprus UK Limited - 25 June 2012

Following court approval on 22 June 2012, 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 became effective today.

Bank of Cyprus UK Limited is now fully authorised and regulated by the Financial Services Authority. All eligible deposits in all currencies are now protected by the UK Financial Services Compensation Scheme (FSCS) up to £85,000 per customer.

Bank of Cyprus UK has operated in the UK since 1955 and specialises in supporting owner-managed businesses, while offering consistently competitive rates to savers.

Bank of Cyprus UK is in the process of communicating this change to its customers, its staff and other stakeholders.

For further information please contact:

Andy Martinus, Teamspirit Public Relations, 020 7360 7877, amartinus@teamspiritpr.com

James Terry, Teamspirit Public Relations, 020 7360 7877,
jterry@teamspiritpr.com

Court approval of transfer of business to Bank of Cyprus UK Limited - 22 June 2012

Bank of Cyprus announces today 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 is due to take effect at 00.01am on Monday, 25 June 2012.

Bank of Cyprus UK Limited will be authorised and regulated by the Financial Services Authority and all eligible deposits in all currencies will be protected by the UK Financial Services Compensation Scheme (FSCS) up to £85,000 per customer.

Bank of Cyprus UK has operated in the UK since 1955 and specialises in supporting owner-managed businesses, while offering consistently competitive rates to savers.

Bank of Cyprus UK is in the process of communicating this change to its customers, its staff and other stakeholders.  

For further information please contact:

Andy Martinus, Teamspirit Public Relations, 020 7360 7877, amartinus@teamspiritpr.com

James Terry, Teamspirit Public Relations, 020 7360 7877, jterry@teamspiritpr.com

Court date for transfer of business to Bank of Cyprus UK Limited - 08 June 2012

Bank of Cyprus announces that the court hearing to consider the transfer of business to Bank of Cyprus UK Limited, has now been set for Friday, 22 June 2012 at 10.30am in Court 7 before Mr Justice Henderson, at The Royal Courts of Justice, The Rolls Building, Fetter Lane, London EC4A 1NL.

As announced on 31 May 2012, the transfer of business has been approved in principle by the Financial Services Authority. Subject to the Financial Services Authority formally authorising Bank of Cyprus UK Limited to operate and subject to court approval, the transfer of business is now expected to take effect on or shortly after Monday, 25 June 2012.

Transfer of business to Bank of Cyprus UK Limited - 31 May 2012

Bank of Cyprus announces that its proposal to transfer its UK banking business to a UK subsidiary has been agreed in principle by the Financial Services Authority. 

Subject to the Financial Services Authority formally authorising the subsidiary, Bank of Cyprus UK Limited, to operate and subject to court approval, the transfer of business is expected to take effect by mid July 2012.

Bank of Cyprus UK has operated in the UK since 1955 and specialises in supporting owner-managed businesses, while offering consistently competitive rates to savers.  

Currently Bank of Cyprus UK trades as a branch of Bank of Cyprus Public Company Limited, a Cypriot company and the largest financial services provider in Cyprus. 

Bank of Cyprus UK Limited will be regulated by the Financial Services Authority and all eligible deposits in all currencies will be protected by the UK Financial Services Compensation Scheme (FSCS) up to £85,000 per customer.

Until the transfer takes place, customer deposits continue to be protected by the Cypriot Deposit Protection Scheme up to €100,000 per customer (or sterling equivalent).

Bank of Cyprus UK is in the process of communicating this change to its customers, its staff and other stakeholders, and believes that the transfer of its UK business best serves the interests of all parties. 

- Ends -

For further information please contact:

Andy Martinus, Teamspirit Public Relations, 020 7360 7877, amartinus@teamspiritpr.com

James Terry, Teamspirit Public Relations, 020 7360 7877, jterry@teamspiritpr.com

 

Change to the tax treatment of Qualifying Time Deposits - 30 March 2012

From 6 April 2012, the tax treatment for bank deposits known as Qualifying Time Deposits is changing and Basic Rate Tax will be deducted at source from the credit interest paid by banks and building societies.

If you have a Fixed Rate Bond or Fixed Deposit with us with a balance of £50,000 or more you may be affected by these changes.

If you qualify to receive your interest without the deduction of Basic Rate Tax you should provide us with a valid R85 form (UK residents) or R105 form (Overseas residents) to ensure that you continue to receive your interest without the deduction of BRT after the changes take effect.

The above forms can be obtained from:

http://www.hmrc.gov.uk/forms/r85.pdf

http://www.hmrc.gov.uk/forms/r105.pdf

You can obtain further information from your local tax office, accountant, financial adviser or at http://www.hmrc.gov.uk/tiin/tiin666.pdf

If you have any questions regarding your deposit with us please email us at customerservice@bankofcyprus.co.uk

Bank of Cyprus UK announces intention to incorporate - 23 November 2011

Bank of Cyprus UK announces its intention to incorporate by transferring its business from a branch to a UK company.

Bank of Cyprus UK has operated in the UK since 1955 and specialises in supporting owner-managed businesses, while offering consistently competitive rates to savers.

Currently Bank of Cyprus UK trades as a branch of Bank of Cyprus Public Company Limited, a Cypriot company and the largest financial services provider in Cyprus.

Following incorporation, Bank of Cyprus UK will be a separately capitalised UK subsidiary company of Bank of Cyprus Public Company Limited and is seeking authorisation as a UK bank from the UK Financial Services Authority. Subject to the FSA authorisation and High Court approval of the transfer of business from the branch to the subsidiary, Bank of Cyprus UK will come under direct supervision by the FSA. In that case, depositor protection would shift from the Cypriot depositor protection scheme to the UK Financial Services Compensation Scheme. Until then deposits will continue to be protected by the Cypriot depositor protection scheme up to a limit per customer of €100,000 (approximately the same as the UK scheme’s protection limit of £85,000).

In a challenging and uncertain international financial climate, Bank of Cyprus UK believes that incorporation of its UK business best serves the interests of its borrowing and saving customers, its staff and other stakeholders.

Incorporation of Bank of Cyprus UK’s business is planned to take place as soon as possible after completing the necessary formalities to obtain supervisory and court consent.