Bank of Cyprus closing UK branches

 — Clients to be serviced by Lloyds TSB —

Bank of Cyprus is winding down its retail operations in the UK, having already reduced the number of its traditional branches from eight in 2000 to just two at present, which, too, are expected to close within six months, replaced by a ‘super branch’ business centre which is already in operation.
The bank will continue to operate in the UK serving corporate clients out of its Southgate property in north London, dubbed a High Quality Banking Centre and all retail customers are gradually being serviced by Lloyds TSB.
Senior management sources at a major London-based company told the Financial Mirror that “it has already started. (Bank of Cyprus) closed all but two retail branches in north London. In another six months the remaining branches will probably go too.”
The bank’s UK administration had already informed corporate clients about this downsizing six months ago, telling some customers that they had “struck an agreement (with Lloyds) to 'service' the BOC through-the-door customers and their current accounts, cashing of cheques, standing orders, etc.”
Vassos Shiarly, Senior Group Chief General Manager, told the Financial Mirror that “there is no move to close the retail operations, but a decision has been taken to change the way clients are serviced,” explaining that the geographical footprint of the ethnic Cypriot market requires a wider network, and since Bank of Cyprus could not compete with the major banking giants in Britain it decided to enter into the agreement with Lloyds.

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