Panayiotis Rougalas
Just two months after its last visit to the heart of investment interest, the Bank of Cyprus is making waves again in London. This time, it's at the "Greek Investment Conference" organized by the Athens Stock Exchange and Morgan Stanley.
Despite the recent negative publicity surrounding Cyprus in "Cyprus Confidential" by ICIJ journalists, the bank's management team, led by CEO Mr. Panikos Nikolaou, Finance Executive Director Elisa Livadiotou, and Investor Relations and ESG Director Anita Pavlou, is determined to showcase the bank and Cyprus.
The team engaged in meetings during the two-day conference (November 27 and 28) with 16 "Long only" investment funds. According to Mrs. Anita Pavlou, Director of Investor Relations and ESG, these discussions are crucial as they provide a platform to present the Bank of Cyprus's impressive investment history to major funds focusing on the region.
Notably, Pavlou mentioned that the bank's investment history stands out compared to Greek banks, making it an excellent opportunity to shine.
The focus on "Long only" investment funds like Amundi, Schroder, and Fidelity signals the bank's intention to enter either shares or bonds. The Athex conference - Morgan Stanley - responded positively to the bank's investment "story." Now, the key is turning interest into tangible projects and ensuring potential investors move beyond words.
Despite the recent negative reports on Cyprus, foreign investors at the conference showed zero interest in questioning the country's standing. Their queries centered on the bank's development and achieved projects. Economic indicators such as the growth rate, unemployment, and public debt also piqued their interest, indicating a broader exploration of investment opportunities in Cyprus.
Investment Grade Recognition
The Bank of Cyprus's financial performance, which revealed a profit of 349 million euros for the first nine months of 2023, is intricately linked to the economic environment in Cyprus. Fitch Ratings upgraded the bank's long-term rating to BB from B+ in November 2023, maintaining a positive outlook.
This upgrade reflects Fitch's improved assessment of Cyprus's operating environment and the bank's enhanced credit profile, capital, and profitability.
Moody's Investors Service also upgraded the bank's long-term credit rating to investment grade Baa3 from Ba1 in October 2023, citing the resilience of the Cypriot economy and improvements in solvency, loan portfolio quality, and profitability.
In April 2023, S&P Global Ratings confirmed the bank's long-term credit rating at BB- and revised the outlook to positive from stable, indicating the potential for further progress in Cyprus's operating environment.
[This article was translated from its Greek original]
