Bank also earns key compliance certification
The Bank of Cyprus this week presented its revamped branch network model, inaugurating its newly renovated branch on Archbishop Makarios III Avenue in Nicosia.
The event, held on Wednesday afternoon, was attended by the Nicosia Mayor Charalambos Prountzos, along with the city’s deputy mayors.
Retail Banking Director Theodosis Theodosiou explained that in-store banking used to be a “relatively simple business activity”, where customers conducted basic transactions and “developed long-term relationships of cooperation and trust with their bank”.
However, he noted that this is no longer the case, with the banking sector currently undergoing a period of radical transformation, influenced by technological advancements, regulatory changes, and shifting consumer behaviours.
“In this context, Bank of Cyprus plays a leading role in digitisation and technological upgrades, not only for itself but also for the Cypriot economy and business sector, as reflected in its strategic direction in recent years,” Theodosiou said.
“The development of technology and digital solutions offers unprecedented opportunities for modernising banking operations,” he added.
“At the same time”, he continued, “it also creates challenges, as customers demand convenience, speed, and personalised solutions that meet their needs.”
Theodosiou pointed out that “amid all this change, one thing remains constant, and that is the human need for connection, communication, and the building of trusting relationships”.
“Therefore, our strategies must balance innovation with tradition, offering modern solutions while maintaining the human touch that remains fundamental to the trust-based relationship between the Bank and our customers,” he said.
Moreover, the Bank of Cyprus executive mentioned that “the role of physical branches is not diminished or lost but redefined”.
“They are not just transaction spaces but places for providing enhanced services and experiences, where personal service creates value for the customer,” he stated.
“Branches are not disappearing; they are transforming,” Theodosiou said. “With new technologies, more flexible and targeted service models, and integration with digital channels and solutions, they are evolving to meet the needs of the new era.”
He pointed out that modern consumers want choices, mentioning that some prefer the automation and seamless experience of digital services.
On the other hand, he said, some consumers “still value physical contact for more complex banking transactions”.
“Our strategy focuses on creating a hybrid operational model, where technology and human interaction coexist harmoniously,” he stated, noting that “the need for quality and personalised service remains unquestionable”.
Customers, Theodosiou said, “seek an experience that offers them security and reassurance”.
“They need guidance and expertise for the small or large decisions they make in every important chapter of their lives,” he said.
“Our goal is to combine digital innovation with human contact, creating a banking experience that is simultaneously modern, flexible, and reliable,” he added.
Furthermore, Theodosiou said that the bank’s new branch network is not just “a simple adjustment, but a comprehensive transformation”.
He stressed that this transformation “is not merely about keeping up with developments, but leading them, with vision, responsibility, and a commitment to better serving our customers”.
Meanwhile, Maria Artemiou, Director of Consumer Banking Transformation, emphasised that the Bank of Cyprus remains “committed to its vision, with a focus on the individual,” as she outlined the new branch network model.
She noted that, as of January, 40 physical branches are in operation across Cyprus (13 in Nicosia, 12 in Limassol, six in Larnaca, six in Paphos, and three in Famagusta), “continuing to provide traditional customer service”.
Additionally, seven branches now function as financing units (four in Nicosia, two in Limassol, one in Larnaca), offering specialised and personalised services for individuals and businesses, such as loans and insurance.
Six transaction branches (four in Nicosia, two in Limassol, one in Larnaca) facilitate essential banking transactions, including deposits, withdrawals, transfers, and foreign exchange.
What is more, six digital branches (three in Nicosia, one in Limassol, one in Larnaca, and one in Paphos) offer self-service banking without staff presence.
These branches operate with extended hours, remaining open to the public until 10:00 p.m., seven days a week.
Concluding her remarks, Artemiou stated that all details regarding the new services and branch model are available on the Bank of Cyprus website.
Bank of Cyprus attains ISO 37301 certification
In related news, the Bank of Cyprus on Thursday announced that it has obtained ISO 37301 certification.
In a statement, the bank said that it “has achieved yet another success, having earned the ISO 37301 certification, an international standard for compliance management systems”.
“This makes the Bank of Cyprus the first organisation in Cyprus and in the Southeastern Europe region as a whole, to achieve this certification – held only by a small number of European banks,” it added.
The bank mentioned that the European Banking Authority has recommended the adoption of the ISO 37301, which features a wide-ranging approach based on risk and processes for the effective operation of compliance units.
It further noted that the certification serves as a “useful tool with an immediate positive impact on company reputation”.
The reason for this, the bank stated, is that “it enhances the integrity and transparency culture and enables certified corporations to focus on best compliance practices as well as ethical practices”.
Commenting on this important certification, Bank of Cyprus’ Chief Compliance Officer Marios Skandalis said that this “is not just another distinction achieved by our bank; it primarily constitutes an independent corroboration of the efficacy of the compliance function”.
“In other words, it is a distinctive legacy for our customers, investors and all the bank’s partners, leading to a further strengthening of the trust among us,” Skandalis concluded.