We know about the Bank of Cyprus. It’s the key player in the bailout of the Cyprus banking industry: the last man standing. It has given haircuts of 40% of amounts over $130,000 held in the bank. I’ve called the process of theft “turning depositors into lenders”. I should have added “by force.” But Wikipedia was effusive with its praise of how wonderful BOC is:
As at September 2012, the bank held a 26.7% share of the Cypriot deposit market and a 22.5% share of the Cypriot loan market, making it the largest bank in Cyprus. The Bank of Cyprus Group employs 11,326 staff worldwide.
The Group currently operates through a total of 393 branches/business offices, of which 137 operate in Cyprus, four in the United Kingdom, one in the Channel Islands, twelve in Romania (of which three in Bucharest and one in Constanța). 199 are in Russia especially in Moscow and St. Petersburg and plans to grow to 42 branches in Ukraine.
Let’s remember that the entire economy of Cyprus is smaller than that of Colorado Springs, Colorado. Imagine a bank in Colorado Springs with 11,000 employees, with branches worldwide. Boy, they must really be doing something right! They must have received all kinds of awards for being so wonderful, wouldn’t you think?
Feb 25 2011 – The Banker magazine ranked the Bank of Cyprus amongst the leading banks of the world.
Apr 4 2011 – The prestigious Global Finance financial magazine honours the Bank of Cyprus with the title of Best Bank in Cyprus.
Jun 15 2011 – The Bank of Cyprus has succeeded in being included in the category of «Best Banking Organizations» worldwide at the annual World Finance Banking Awards of the internationally acclaimed financial magazine World Finance.
Sept 13 2011 – In the framework of its annual “Awards for Excellence 2011”, the Bank of Cyprus was named Best Bank in Cyprus by the international financial magazine EUROMONEY.
Nov 1 2011 – The Bank of Cyprus was awarded the ‘JP Morgan Chase Quality Recognition Award’ for its funds transfer operations for the eleventh consecutive year.
Dec 1 2011 – The Bank of Cyprus was named “Bank of the year 2011” in Cyprus by the prestigious international financial affairs publication The Banker, during its annual “Bank of the Year Awards 2011.”
Feb 9 2012 – Bank of Cyprus has been named as the Best Bank for Private Banking in Cyprus, by the internationally acclaimed magazine EUROMONEY.
Mar 23 2012 – The international financial magazine ‘Global Finance’ has named the Bank of Cyprus the best banking institution in Cyprus in the Developed Markets category of “World’s Best Banks Awards”.
Sep 26 2012 – Bank of Cyprus has been awarded the ‘2011 Citi Performance Excellence Award’ by the world-renowned financial organization Citibank, for global electronic payments leadership and excellence.
We now know, of course, that it was all a sham and a fraud and a farce. As Warren Buffet likes to say, “only when the tide goes out do we discover how many people are swimming naked.” The Bank of Cyprus is one of those people. I wonder how many others there are?