NICOSIA, October 2026 — Bank of Cyprus acquisitions in Greece are back on the table, with chief executive Panicos Nicolaou targeting insurers and asset managers 13 years after the crisis forced the bank out.
Nicolaou confirmed the interest when he spoke to journalists in Ayia Napa, in Cyprus. He said the bank would focus mainly on insurance and asset management.
However, he made clear that the bank would not chase deals at any price.
Bank of Cyprus acquisitions criteria
Nicolaou said it made no sense to pay as much as 50 times a company’s earnings simply to grow.
Any targets would have to fit the group’s strategy and come at reasonable valuations. In asset management, they would also have to keep the teams that built the business, he said.
Thirteen years on, the group has left behind the turmoil of 2013, when the financial crisis forced it to leave the Greek market. It now has the capital strength and liquidity to consider new moves.
The bank has also built a significant presence in lending to Greek businesses. Its plans include €240 million of investment in technology and distributions of up to 100 per cent of profits.
Greek lenders expand their reach
This push for Bank of Cyprus acquisitions comes as Greek banks strengthen their presence in Cyprus.
Talk has also returned of a possible takeover of Bank of Cyprus by the National Bank of Greece.
Investment houses have examined that scenario in their analyses, but there is no confirmed information about any negotiations.
Greek City Times reported in August that Bank of Greece Governor Yannis Stournaras welcomed more foreign investment in Greek banking.
Bank of Cyprus acquisitions in insurance and asset management would mark the group’s return to the Greek market.
Source: Proto Thema
The post Bank of Cyprus Acquisitions Target Greek Insurers 13 Years After Crisis Exit appeared first on Greek City Times.