The Bank of Cyprus has closed around 20,000 accounts of Russians.
The Bank of Cyprus, which is the largest bank in the country, has terminated more than 20,000 accounts associated with approximately 7,000 Russian nationals since February 2022.
The bank’s representative, Karen Le Cannu, stated that the financial institution has exclusively maintained accounts for individuals who are of retirement age. The proportion of Russian clients within its portfolio has decreased from 4% to 0.4% since 2014.
Most of the accounts held by Russian clients at the Bank of Cyprus are owned by senior citizens. A representative of the bank indicated that the decision to close accounts was made in accordance with “international compliance standards” and the bank’s internal risk management policies. Karen Le Cannu further said: “Overall, the bank adopts a cautious approach to protect its reputation, as well as the interests of its clients and shareholders in advance.” and added that the Bank of Cyprus is willing to explore potential partnerships with Russian citizens who legally reside in Europe, are not subject to sanctions, and participate in activities that are consistent with the bank’s policies.
The Bank of Cyprus is the largest banking and financial services group in Cyprus, established in 1899 with its headquarters in Strovolos.
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