Bank of Cyprus Australia Limited is proud to announce, that effective Thursday 1 March 2012, the Bank is officially a wholly-owned subsidiary of Bendigo and Adelaide Bank Limited and will operate as a standalone entity. This follows the announcement of the acquisition made in December 2011.
Further to this news, Bank of Cyprus Australia is also pleased to announce record-breaking results for 2011. The significant features of the 2011 results show an increase in customer account numbers by 21 per cent. Mr George Tacticos, Managing Director Bank of Cyprus Australia said “Given the difficult economic environment experienced internationally and even domestically, this is sound achievement and one we are most proud of. This reflects our relationship-based banking that is an attractive component of our business model.”
Other key features of the 2011 results include a 15 percent increase in deposits and a net profit after tax up 27 per cent. The 2011 results confirm the sentiment that Bank of Cyprus Australia is a strong, successful and viable bank.
Such significant achievements give reassurance to Bank of Cyprus Australia Limited customers and staff alike that the Bank is ready to propel itself into a new era of strong growth with Australian parent Bendigo and Adelaide Bank Limited. Under the direct leadership of Mr Tacticos, who was at the forefront of this deal, Bank of Cyprus Australia Limited will follow its community-based banking specifically directed towards the Hellenic-Australian population.
“Like us, Bendigo and Adelaide Bank’s staff and vision is driven by how its business can ensure prosperity for all its key stakeholders and inturn strengthen the community. We are proud of this new affiliation, as we both recognise outstanding customer service and a connection to the community beyond just banking, as the fundamental building blocks of our success. We are here to support the community just as it supports us.”
Mr Tacticos continued “It is business as usual for all our 14 branches. Our customers will continue to deal with our people and our branches across Australia. The transition for everyone involved is minimal – we have always been an Australian bank and now we report to an Australian parent.”
In addition to Bendigo and Adelaide Bank Limited sharing the same principles, the financial future for Bank of Cyprus Australia Limited is now secured. Bendigo and Adelaide Bank Limited is a publicly listed company which is owned by more than 82,000 shareholders, with a market capitalisation in excess of 3.5 billion and $55 billion in assets.
Bendigo and Adelaide Bank, Managing Director, Mr Mike Hirst, said he sees good growth opportunities for the Bank.
“A good opportunity lies ahead for the Bank of Cyprus Australia, initially by giving customers access to Bendigo’s broad product offering, but also by supporting the businesses’ growth in a manner that is not constrained by funding or capital,” said Mr Hirst.
Mr Tacticos said “This phase is committed to providing the same level of support to the community through our devised financial services and through our proudly hospitable level of service. Our values remain the same and our doors are always open to all our customers and the community. We extend an open invitation to all.”