The largest bank in Cyprus, Bank of Cyprus, closed approximately 20 accounts belonging to about 7 customers with Russian citizenship, following Russia's invasion of Ukraine. This is stated in the answer of the bank's representative to request Frank Media.
According to him, Bank of Cyprus started to rehabilitate the bank's client portfolio back in 2014 after the introduction of anti-Russian sanctions, which followed in response to the annexation of Crimea.
"At the time of the beginning of the rehabilitation of the bank's client portfolio in 2014, Russians accounted for 4% of the client portfolio. Today, this share is only 0,4%." he said.
The accounts remaining in the bank, according to the bank, mainly belong to Russian citizens of retirement age.
According to a Bank of Cyprus representative, the bank was guided by "international compliance standards" and its own risk management policy when deciding which customers to close.
"Our risk position is not determined by the nationality of the client, but by the characteristics of the risks he presents, and these characteristics change over time, - said in his reply received by e-mail. — In general, the bank takes a cautious approach to protect its reputation and the interests of customers and shareholders in advance."
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