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12° Nicosia,
16 June, 2024
 
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BOC to revitalize former Orphanides building by 2026

Bank of Cyprus' strategic HQ shift revealed

Newsroom

Thoughts from the past year and a half are taking concrete form for the Bank of Cyprus, particularly concerning its plans for the creation of a new central headquarters (BOC Headquarters - Q H).

Scheduled for completion in 2026, the Bank of Cyprus' new central headquarters will find its home in the former Orphanidis building in Strovolos, a well-known structure that sits untouched at the entrance of Nicosia.

The bank has already initiated the submission of various applications and licenses to the Municipality, a necessary step to facilitate the ambitious process of relocating multiple facets of its operations to this new locale.

While the anticipated cost for this undertaking is expected to be in the three-digit range, insiders reveal a distinct emphasis on achieving environmental sustainability and energy autonomy.

It's important to note that, although final decisions are pending regarding which specific departments will occupy the former Orphanidis building in Nicosia, the current headquarters in Agia Paraskevi will continue its operations.

While there's speculation that the administration might find its place in the new development, it remains premature to solidify such decisions.

In essence, the Bank of Cyprus is leveraging a law that empowers banks to enhance, lease, or complete real estate acquired during negotiations. This strategy has proven successful over the years, leading to the revitalization of assets such as the Nicosia Mall.

Notably, prior to the passage of the law in late 2016, banks lacked the flexibility to strategically manage their properties for future growth.

The Bank of Cyprus Real Estate Management Directorate (REMU), which had previously listed the building for sale at 34 million euros, has strategically removed it from public advertisements.

This move underscores a significant step in the realization of the bank's transformative vision.

[This article was translated from its Greek original]

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Cyprus  |  economy  |  banks  |  Nicosia

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