BOC says BOCAM’s ECB approval restricted to capital injection

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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”.

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About Author

Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]

  • European Citizen

    Only after 5 years of failure they decide to separate the investment and banking departments…. Truly pathetic.

  • Copernicus

    BoC should focus on resolving its NPLs instead of offering mutual funds. Why would anyone risk his capital when there are so many reputable names overseas. Do BoC management think that anyone will want to give money to BOCAM to use other funds in the world to manage their funds. Or are we to believe that BOACAM has the expertise.?