Bank of Cyprus set to leave behind the legacy issues of 2013 financial crisis, CEO tells CNA [VIDEO]

Bank of Cyprus, the island’s largest lender, aims to achieve a single digit non-performing loan rate by 2022, leaving behind the legacy problems of the 2013 financial crisis that shattered the island’s banking sector, the bank’s CEO Panicos Nicolaou has told the Cyprus News Agency.

In an interview with CNA, Nicolaou, the CEO of the Cyprus’ largest lender, said despite the uncertainty of the coronavirus pandemic, the bank concluded NPL sales in 2020 in the region of €1.5 billion, which left the bank “much better off” in tackling the challenges from the continuation of the pandemic, stating that any future inflow of bad loans will be offset by the continued reduction of the bank’s legacy NPLs.

Source: Cyprus News Agency