Euromoney, one of the leading international magazines specializing in banking, finance, and financial markets, has named the Bank of Cyprus as the best bank in Cyprus at its 2024 Excellence Awards. This marks the 9th year that the Bank of Cyprus has been recognized by Euromoney as the best bank in Cyprus.
This award, which covers the evaluation period from January 1, 2023, to December 31, 2023, acknowledges the Bank's significant achievements during 2023, a year that signifies the beginning of a new era for the Group, marked by strong capital adequacy and stable profitability.
Louise Bowman, editor of Euromoney, stated: "Last year was a significant one for the Bank of Cyprus, as in 2023, it paid its first dividend after 12 years. Although this was relatively small, €22 million or 14% of the 2022 profitability, the Group secured approval from the ECB for a distribution ratio of 30% of its 2023 earnings, which includes a share buyback of up to €25 million and a cash dividend of €112 million."
Commenting on the award, Panicos Nicolaou, CEO of the Bank of Cyprus, stated: "We are particularly pleased and proud to be named the best bank in Cyprus by Euromoney for the 9th year. This significant international recognition confirms the numerous achievements of the Bank in 2023, including significant improvements in our best-in-class digital services offered to our customers, with the launch of our QuickHub digital branch and enhancements to the Jinius platform—the only digital economy platform in Cyprus. We remain focused on serving our customers, creating value for our shareholders, and supporting the economy."
The recognition of the Bank of Cyprus as the best bank on the island by Euromoney highlights the crucial role that digital transformation and customer service play in modern banking. As the financial landscape rapidly evolves, banks must prioritise their digital products to meet customer expectations and remain competitive with their rate offerings. By embracing these strategies, banks can not only improve their digital transformation but also elevate their customer service, ultimately leading to greater customer satisfaction and long-term success. At the same time, large financial institutions in Cyprus should prioritize offering tailored products and services to investors while also finding effective ways to enhance financial literacy across the island, especially for young professionals entering the market looking for modern ways to diversify.
