Best bank: Bank of Cyprus
The recent move by Greek lender Eurobank to establish a majority stake in Hellenic Bank, Cyprus’ second largest bank, is a potentially transformational deal for the island’s banking sector. During the awards review period, however, it was still unclear when or if Eurobank would be able to merge its existing Cypriot business with Hellenic, but if it does, it could become the largest bank in the country.
For now, Bank of Cyprus remains the biggest institution – with market shares in loans and deposits of around 40% – and the country’s best bank.
AfE 2024
The balance sheet cleanup is long over. While non-performing loan ratios in Cyprus peaked at close to 50% 10 years ago, this had fallen to 25% by 2020 at Bank of Cyprus.