Announcement
Pillar 3 Disclosures for the year
ended 31 December 2023
Nicosia, 05 April 2024
Bank of Cyprus Holdings Public
Limited Company (the "Company" or "BOC Holdings" and, together with
its subsidiary, Bank of Cyprus Public Company Limited (the "Bank"),
and the Bank's subsidiaries, the "Group"), announces today the
publication of its Pillar 3 Disclosures for the year ended 31
December 2023 (the "Pillar 3 Report").
A copy of the Pillar 3 Report will
be submitted to the National Storage Mechanism and will be
available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
The Pillar 3 Report is also
available on the Group's website www.bankofcyprus.com
(Group/Investor Relations).
For further information, please
contact Investor Relations at investors@bankofcyprus.com.
Forward Looking
Statements
This document contains certain forward-looking statements
which can usually be identified by terms used such as "expect",
"should be", "will be" and similar expressions or variations
thereof or their negative variations, but their absence does not
mean that a statement is not forward-looking. Examples of
forward-looking statements include, but are not limited to,
statements relating to the Group's near term, medium term and
longer term future capital requirements and ratios, intentions,
beliefs or current expectations and projections about the Group's
future results of operations, financial condition, expected
impairment charges, the level of the Group's assets, liquidity,
performance, prospects, anticipated growth, provisions,
impairments, business strategies and opportunities. By their
nature, forward-looking statements involve risk and uncertainty
because they relate to events, and depend upon circumstances, that
will or may occur in the future. Factors that could cause actual
business, strategy and/or results to differ materially from the
plans, objectives, expectations, estimates and intentions expressed
in such forward-looking statements made by the Group include, but
are not limited to: general economic and political conditions in
Cyprus and other European Union (EU) Member States, interest rate
and foreign exchange fluctuations, legislative, fiscal and
regulatory developments, information technology, litigation and
other operational risks, adverse market conditions, the impact of
outbreaks, epidemics or pandemics and geopolitical developments.
This creates significantly greater uncertainty about
forward-looking statements. Should any one or more of these or
other factors materialise, or should any underlying assumptions
prove to be incorrect, the actual results or events could differ
materially from those currently being anticipated as reflected in
such forward-looking statements. The forward-looking statements
made in this document are only applicable as at the date of
publication of this document. Except as required by any applicable
law or regulation, the Group expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statement contained in this document to reflect any
change in the Group's expectations or any change in events,
conditions or circumstances on which any statement is based.
Changes in our reporting frameworks and accounting standards,
including the recently announced reporting changes and the
implementation of IFRS 17 'Insurance Contracts', which may have a
material impact on the way we prepare our financial statements and
(with respect to IFRS 17) may negatively affect the profitability
of Group's insurance business.
Group
Profile
The Bank of Cyprus Group is the leading banking and financial
services group in Cyprus, providing a wide range of financial
products and services which include retail and commercial banking,
finance, factoring, investment banking, brokerage, fund management,
private banking, life and general insurance. At 31 December 2023,
the Bank of Cyprus Group operated through a total of 64 branches in
Cyprus, of which 4 operated as cash offices. The Bank of Cyprus
Group employed 2,830 staff worldwide. At 31 December 2023, the
Group's Total Assets amounted to €26.6 bn and Total Equity was €2.5
bn. The Bank of Cyprus Group comprises Bank of Cyprus Holdings
Public Limited Company, its subsidiary Bank of Cyprus Public
Company Limited and its subsidiaries.