On Thursday, 6 March 2014 Bank of Cyprus UK hosted a reception for approximately 250  borrowing customers, business introducers and professional partners at Paramount, Centre Point in London.

The evening was an opportunity to provide  an overview of the past year and plans for the future.

Philip Nunnerley, acting chairman and non-executive director of Bank of Cyprus UK, gave a talk acknowledging the regulatory pressures the industry faces; the effect of the crisis in Cyprus on the business here in the UK; the support Bank of Cyprus UK enjoys from its parent; and the strong position the Bank is in to serve its customers.

This was followed by a speech by Iacovos Koumi, Chief Executive of Bank of Cyprus UK.

He said those who came to our event last year may remember that I said we were in a strong position to withstand uncertainty. Well, I don’t think any of us could have imagined quite what was to happen next in Cyprus!

But the robustness of our straight-forward banking model, plus our early action to incorporate and ring-fence our UK operation, stood us in good stead to more than overcome the Cypriot financial crisis.

Through it all, I’m pleased to say that we have emerged a stronger bank.

We were fully trusted by the UK authorities to take on the deposits of Laiki’s UK branch – protecting them from bail-in and further strengthening our ability to lend.

We have also been pleased to welcome many business customers from Laiki in the UK, plus a number of excellent staff – considerably enhancing our business base and our capabilities.

Our parent in Cyprus, which is now finding its feet, is very supportive of what it sees as a highly valuable UK banking business of nearly 60 years’ standing. We remain an integral part of our parent’s future strategy within a key financial market with strong historic links to Cyprus.

Mr Koumi concluded so as we look ahead in a hopefully improving UK business climate, we very much remain open for business; we are active in the market; and we are keen to show you that we can deliver and keep delivering.

To all our valued customers and introducers, both new and existing, I’d like to say a heartfelt thank you – for your business and for your trust in Bank of Cyprus UK. We look forward to being of service to you throughout 2014 and for many years beyond.”