Bank of Cyprus (BoC) has announced that all future dividend payments to shareholders holding ordinary shares indirectly through depositary interests on the Cyprus Stock Exchange (CSE) will be processed exclusively via electronic transfer.
The bank confirmed the policy change, which removes the option for physical check distribution for this specific class of investors, aiming to modernize its shareholder services and reduce administrative overhead.
The shift to digital-only payments for depositary interest holders reflects a broader operational trend among Cypriot financial institutions to digitize corporate actions.
By eliminating paper checks, BoC seeks to accelerate payment processing times and reduce the logistical costs associated with printing and mailing physical instruments.
Shareholders holding shares directly or through other mechanisms are not explicitly mentioned as affected by this specific change, though the bank’s wider digital strategy suggests a gradual phase-out of legacy payment methods across the board.
This development aligns with the ongoing digital transformation efforts seen across the Cypriot banking sector.