Bank of Cyprus moves to digital dividend payments

The Bank of Cyprus (BoC) has confirmed that all future dividend payments to shareholders holding ordinary shares indirectly through depositary interests on the Cyprus Stock Exchange (CSE) will be made exclusively by electronic transfer, following shareholder approval of changes to the company’s Articles of Association. The company said the move follows the approval of Resolution 15 at its Annual General Meeting on May 15, 2026, which amended the Articles of Association and paved the way for the transition to fully electronic dividend payments. It explained that the final dividend for the 2025 financial year, which was paid on June 24, 2026, was the last dividend distributed by cheque. The company stated that it will no longer issue dividend payments by cheque under any circumstances. Shareholders who have not yet provided valid bank account details have been urged to do so as soon as possible to ensure they receive future dividend payments without delay. The company warned that, until valid banking information is received, any dividend amounts due may be retained in a company account for up to six years. It also cautioned that shareholders who fail to provide their banking details risk eventually forfeiting unclaimed dividend payments in accordance with the company’s Articles of Association. Shareholders who are natural persons and subscribed to the Bank of Cyprus 1bank service can submit dividend payment instructions electronically through Internet Banking by selecting Profile followed by Dividend Payments. The same service is also available through the BoC Mobile app by selecting Menu, then Personal Information, followed by Dividend Payments. Instructions may also be submitted through a secure message sent using either 1bank Internet Banking or the BoC Mobile app. The company explained that the Internet Banking and BoC Mobile app menu options are available only to shareholders who have been successfully identified as Bank of Cyprus customers and 1bank subscribers. All shareholders, including legal entities, non-1bank subscribers and individuals who are not Bank of Cyprus customers, may instead complete the relevant authorisation form. The form is available through the QR codes provided in the company’s announcement or on the company’s investor relations webpage under Bank of Cyprus, Group, Investor Relations and Dividend. Completed forms may be submitted at any Bank of Cyprus branch or in accordance with the instructions included with the form. The company also published a detailed set of questions and answers explaining the reasons behind the change and how the new system will operate. It said the bank has encouraged shareholders for several years to receive dividends electronically and believes the transition offers a range of operational benefits. According to the company, electronic dividend payments allow shareholders to receive cleared funds more quickly on the payment date, eliminate delays associated with processing cheques, reduce the risk of cheques being lost, stolen or delivered incorrectly, lower administrative and operating costs and support the group’s sustainability objectives by reducing paper-based processes. The company confirmed that electronic dividend payments are now mandatory following the approval of Resolution 15 at the May 15, 2026 Annual General Meeting. It reiterated that all future dividends will be paid exclusively through electronic means. The company also clarified that dividend amounts retained because banking details have not been provided will not earn interest during the retention period. It added that electronic dividend payments are secure and widely used, with shareholders’ bank account details used solely for dividend payments and handled in accordance with applicable data protection and security requirements. The company said shareholders may nominate either a Bank of Cyprus account or an account held with another financial institution to receive dividend payments. It confirmed that all dividend payments will be made in euro. Shareholders who wish to receive payments into a Bank of Cyprus account or an account with another bank can use separate authorisation forms available on the company’s website. The company again encouraged shareholders to submit the relevant forms as soon as possible to avoid delays in receiving future dividends and to minimise the risk of unclaimed amounts ultimately being forfeited under the Articles of Association. For further information, the company said shareholders can contact the Shareholder Services team by email at [email protected].