Bank of Cyprus targets Greek acquisitions and tech investment

Bank of Cyprus is pursuing a strategic expansion into the Greek market, focusing on acquisitions within the insurance and wealth management sectors. This move marks a significant return to Greece, 13 years after the bank was forced to exit the market during the 2013 financial crisis.

CEO Panikos Nikolaou stated that the bank is seeking targets that align with its group strategy and can be acquired at logical valuations, emphasizing that the institution will not pursue deals at any price. Unlike its previous presence in Greece, the bank does not plan to re-establish a retail banking network, instead focusing on large corporations, project financing, and syndicated loans.

In addition to geographic expansion, the bank is investing heavily in technology, including AI and digital services, to compete with fintech companies. The strategy aims to create a holistic banking approach through digital banking, embedded banking, and alternative revenue streams.