OREANDA-NEWS. March 25, 2009. Representing a powerful financial institution Bank of Cyprus Group (Cyprus) – a member of the European financial market – OJSC “Bank of Cyprus” currently demonstrates such level of stability and image when by the own name ensures high inviolable guarantees to  existing and future customers, reported the press-centre of Bank of Cyprus.

Inegrating to the European banking space and offering such international banking standards which are optimal for the most exacting consumers of the bank services, the Bank offers classic and new high technology bank services.

Foundations of the Bank of Cyprus Group, which includes OJSC “Bank of Cyprus”, was laid in 1899 and currently Bank of Cyprus Group is the leading Group in the field of providing of banking and financial services of Cyprus. As of January 1, 2008 the Group included 301 banking units: 143 of which are situated in Cyprus, 135 in Greece, 6 in United Fingdom, 11 in Australia, 2 in Romania, 1 in Russia and 1 in the Channel Islands. 

Also Bank of Cyprus Group has a representative offices in Russia,  Canada and South Africa. For over a whole century of the fruitful activity the  Bank of Cyprus Group firmly established itself on the international financial market having approved itself as a reliable client. Moody’s credit ratings of the Group in 2007:  Long-term prospects – A2; Short-term prospects – P-1

In general, 2008 was saturated and intensive but for the bank this year has become one more successful year by the result of which the management and employees can be proud. During the 2008 OJSC “Bank of Cyprus” could not only keep positions gained by the previous years, in a quality of JS “AvtoZAZbank”, and also attain a new results which motivate to go ahead and set for itself a higher aims.

In 2008 Bank of Cyprus acquired a controlling share (97,18%) of the Ukrainian bank JS “AvtoZAZbank”, amendments to the Charter of JS “AvtoZAZbank” were registered in the National bank of Ukraine on December 02, 2008. The actual increase of the paid-in registered Shareholders’ capital by 485 000 000 UAH up to 541 000 000 UAH took place on 03.12.2008. 

Under difficult conditions and thanks to coordinated work of all divisions OJSC “Bank of Cyprus” not only kept and also consolidated reputation of the reliable and profitable bank. In 2008  the Bank got a profit in the amount of 12 mln.UAH, loan portfolio was increased by 657 mln.UAH, that is practically twice a large. The bank made provisions for active operations  in the amount of 32,8 mln.UAH.

Reliability improvement, expansion of operations and profitability of the shareholders’ capital, gradual realization of the development strategic plan, effective mechanisms and instruments of risks management, a high level of management and corporate governance – were the key tasks for the Bank in 2008. The Bank dealt successfully with this task and made one more step on the way to its development inspite of the largest international financial crisis in the modern history in consequance of which it is started a plump in the global economy. International financial crisis has got a scale character and has become a serious challenge for many world countries, including Ukraine.

One of the most important strategic tasks of the year 2008 was to hold a high Bank positions on the banking market in conditions of the international financial crisis with which the Bank dealt successfully and if it is necessary will definitely do it next year. Bank of Cyprus Group confidently stands up to unfavourable world events. For the last year Bank of Cyprus Group has got a rather high profit in the amount of 506 mln. EURO (after taxation). At the same time the Group has one of the largest liquidity ratios in the world at the level of 90% and capital adequacy ratio – 11,3%.

The year 2008 distinguished itself by creation of the stable client base thanks to growth of quantity of branches and outlets in the potentially attractive regions of Ukraine, and also by improvement of the range of bank services and operations. During the last year we did our best to meet the interests of the different customer groups and expand the presence on all segments of the financial market.

In the year 2008 we made changes in the bank structure by taking into account of the European experience and tendencies of the domestic financial market. Efficiency of the chosen bank strategy and success of introduction of a new bank products and technologies with customer needs orientation is confirmed by growth of legal entities and individuals and also quantitative indexes of the OJSC “BANK OF CYPRUS” activity.

Within a few years OJSC “Bank of Cyprus” plans to have its own broad and effective all Ukrainian network, for this sake in the year 2009 the bank will work confidently for continuation of growth of key indexes in the strategic segments of the Ukrainian banking system, widening its presence on the market, which will be a sort of starting step for increase of the bank services volumes and its ranking among the best banks of the domestic financial market.

The main strategic aim of OJSC “Bank of Cyprus” in 2009 is to make a planned and strategic transformation to the principles and values of the financial group with the global name. With the purpose of the dynamical bank development and securing of its stability and effective development, conquest and keeping of the leadership on the Ukrainian market it was developed a Programe of integration which showes a global nature of the planned changes, aggression in achievement of high results for a short term of transformation. Integration programe – is a complex of the strategic projects, realization of which will help to achieve the following strategic aims:

- positioning of the Bank as a leading universal bank which provides a wide range of the highest quality products and services for individuals, small and medium-sized business, legal entities;

- providing of corporate business development and at the same time holding of posiitons in the investment business and retailing;

- full integration to the Bank of Cyprus Group.

OJSC “Bank of Cyprus” – as a powerful and stable institution with a solid Cyprian investor in the shareholders’ capital – confidently, step by step,  goes on the way to the maximum consumer satisfaction with a quality financial services and banking service of the world level.

Positive results of the previous year – are the results of active and creative work of all qualified Bank personnel which is sure that 2009 will become a year of further development for OJSC “Bank of Cyprus”.

We express a sincere thanks to shareholders, customers and patrners of the bank for cooperation and considerable contribution to our common cause. We are sure that our cooperation and achievements in future will maintain a welfare of our clients and will be instrumental in economic development of Ukraine.