Excellence in leadership in Western Europe 2020: Bank of Cyprus

Cyprus’s strict approach to tackling the coronavirus has meant the health crisis has been much less severe there than in many other states in Europe. 

Bank of Cyprus played an especially important role in bringing private-sector aid to support what the government was doing in terms of the medical response and mitigating the social effects of the lockdown and quarantines. It’s chief executive is Panicos Nicolaou.

As the country’s biggest bank, Bank of Cyprus did all the things its peers have done across Europe such as delaying repayments, waiving fees and distributing state-backed loans to businesses. 

What really stands out, though, is its #SupportCY programme in partnership with Reaction, a local charity the bank had previously worked with to help people affected by forest fires on the island.

The starting point was the lender’s relationships with Cypriot businesses. This allowed the bank to marshal support from 59 organizations – ranging from local bakeries to the Cyprus Cycling Federation – to fill needs for medical relief, remote schooling and social care.