Marios Skandalis Awarded the 2016 Banker of the Year Award

Marios Skandalis, Director of the Group Compliance Division of the Bank of Cyprus Group, was awarded the 2016 Banker of the Year – Cyprus award.

“Winning the 2016 Banker of the Year – Cyprus award is a real honour for me and for the institution I represent, but at the same time it constitutes yet another independent recognition of the collective effort of all of my colleagues at the new Bank of Cyprus for transforming the culture of the largest corporation of our country.” Skandalis said in a public statement.

Despite the fact that the Bank of Cyprus only recently successfully completed this remediation programme, which clearly differentiated it from all other financial institutions, recognition has been considerable and widespread. 

“Today our Bank is the only financial institution in Cyprus to be successfully accredited by the Business Integrity Forum, supported by Transparency International, and granted relevant membership. A renowned international consulting firm has positively benchmarked our Bank among the best well-governed institutions in Europe. Our Bank has successfully completed all relevant actions for listing on the London Stock Exchange. Today, it is the only financial institution in Cyprus that fully complies with both the Cyprus Stock Exchange Code and the United Kingdom Code, with adherence to best international practices.”

Bank of Cyprus was recently granted the Award for Best Corporate Governance for 2017 in Cyprus from a renowned international magazine. The award will officially be announced by the end of the 1st quarter of year 2017. Bank of Cyprus was also recently awarded for Best Transparency and Anti-Corruption Practices in Cyprus for 2016 by Transparency International (Cyprus).

In 2016, the Bank of Cyprus completed the highly demanding two-year-long remediation programme in terms of reforming the compliance and governance culture of the Bank in order to create, implement and promote a corporate culture of ethics in all core and administrative operational areas of our institution. 

This has been a ground-breaking programme where Cyprus is concerned, focusing not on mere adherence to laws and regulations, but on reforming attitudes and setting ethical rather than corporate objectives. 

“The significant cultural transformation of the new Bank of Cyprus in the space of only two years is not at all coincidental, but on the contrary it is the outcome of its diverse and international, new shareholding basis; its highly skilful and internationally reputable new Board of Directors; its highly competent new senior management team; its highly competent, hardworking and committed staff and; its values and culture.”

Skandalis adds that “Plans for 2017 and beyond 2017 will be a landmark in the history of our Bank as it will be the year when the expected listing on the London Stock Exchange will crystallise. It is a high-profile listing which will be the hallmark of the new culture and ethics of our new Bank; a listing reaffirming the robust relationship that we want to have with our customers, shareholders and other key stakeholders. Our commitment to them is ensuring that our Bank will be their most loyal and reliable business partner.”