SUNDAY, 26 MAY 2019



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How the Bank of Cyprus Became the Bank for Cyprus

How the Bank of Cyprus Became the Bank for Cyprus

Bank of Cyprus recently took us on a 120-year journey. Our guide was Marios Skandalis, Director of the Bank’s Group Compliance Division and President of the Institute of Certified Public Accountants of Cyprus (ICPAC), who presented the story of the birth and development of the Cyprus economy through the history of the biggest financial institution in Cyprus. The first stop on the journey, entitled the ‘Valitsa’ (suitcase) Project, was the American Academy Nicosia and secondary school pupils of the Economics/Business Studies and Accounting department. Through the use of multimedia and an interesting interactive presentation, Skandalis explained that “The first priority of Bank of Cyprus is to ensure that the people of the island, their families and friends and, in particular, the young generation, have a happy, healthy and interesting life in Cyprus”.

The main character in the story is a traditional Cypriot who, with the use of an old suitcase (‘valitsa’), cleverly intervenes in various historical events of the country and of the bank, thereby confirming the longstanding parallels between the island and the financial organisation. This is a bank, Skandalis said, that stands beside the country’s people and society, offering its support so that Cyprus adapts smoothly to each new opportunity and challenge. He added that, over the years, the Bank of Cyprus has evolved into the Bank for Cyprus and its people and it intends to continue in the same way in today’s rapidly changing environment.

“It has achieved this thanks to its focus on innovation and its commitment to hard work. These are elements that signal continuity and lead to the future. When they are combined with inspiration and creativity, success is bound to follow,” Skandalis advised his young audience.

The journey through history will continue at other schools in Cyprus as Bank of Cyprus turns to members of the younger generation to inform them about their rich past.

The presentation was prepared with the help of Bank of Cyprus archive material.


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