By Stelios Orphanides
Bank of Cyprus said that the approval of its asset management company BOCAM by the European Central Bank (ECB) relates solely to its capital injection to the subsidiary.
“BOC Asset Management was licensed and is regulated by the Cyprus Securities and Exchange Commission, with license number UCITS MC 5/78/2012,” the largest Cypriot lender said in an emailed statement on Thursday clarifying two previous announcements on January 12, 2018 and October 26, 2017.
The bank said almost three weeks ago that BOCAM had launched its operations on December 1, with the introduction of a mutual fund, the BOC European Equity Fund of Funds which aims to generate high yields in the long run with the management of investment in mutual funds investing in Europe, mainly through capital gains but also with income. The bank owns BOCAM to 100 per cent.
In October, it has said that it was “the first Cypriot bank which secured a relevant approval from the ECB and the Cyprus Securities and Exchange Commission”.