GOVERNANCE

Governance

Our aim is to become the most trusted, committed and effective financial partner to all our customers.

Our transparency, your trust

Ancoria Bank is a newly established bank in Cyprus. Our aim is to become the most trusted, committed and effective financial partner to all our customers.

Central to our ambitions is a robust governance framework, which we believe is essential to creating a healthy and entrusted organisation, as well as to building strong and lasting relationships based on transparency and trust.

The Board of Directors inspires a sound corporate culture by setting high standards of compliance with the applicable European Union and national legal and regulatory framework on governance.

Company Secretary: Myria Agapiou
Legal Advisors: Chryssafinis & Polyviou LLC
Auditors: Deloitte

Registered Office

Ancoria Bank Ltd
12 Demostheni Severi Avenue, 1st Floor, 1080 Nicosia
P.O. Box 23418, 1683 Nicosia, Cyprus
Tel.: +357 22 849001
Fax: +357 22 849002
Registration Number: HE 324539

Corporate Governance Policies and Frameworks

Safeguarding customers’ interests and maintaining fairness and integrity

Conflicts of Interest

Ancoria Bank establishes this policy in relation to the identification, prevention, management and disclosure of Conflicts of Interest, with the intention of safeguarding the interests of the customers within the Bank, including those that may benefit the Bank and/or damage the interests of the customers.

Specifically and according to this policy, adequate procedures and measures to manage and prevent Conflicts of Interest are applied. These procedures include adequate segregation of duties, information security measures and measures to prevent inappropriate influences from outside the Bank.

Overall these procedures aim to manage and prevent possible conflicts of interest for the Board and the employees at all hierarchical levels.

Anti-Bribery

Ancoria Bank is committed to acting professionally, fairly and with integrity in all its relationships and business dealings. As part of this commitment, all forms of bribery and corruption are unacceptable and are not tolerated.

The Bank has designed this policy and has in place principles and procedures to prevent the occurrence of bribery. The Bank expects all employees, associated persons and other third parties with whom the Bank cooperates, to comply with these principles in the performance of their services for or on behalf of the Bank.

The principles and procedures are summarised as follows:

GIFTS, HOSPITALITY AND EXPENSES
Giving or receiving gifts or hospitality is often an important part of maintaining and developing business relationships. This policy does not prohibit normal and appropriate hospitality to or from third parties and the giving or acceptance of gifts, provided that all gifts and hospitality are for a genuine purpose, reasonable, given in the ordinary course of business and comply with internal policies and procedures.

DEALING WITH PUBLIC OFFICIALS
Although this policy applies to both public and private sectors, dealing with public officials poses a particularly high risk in relation to bribery due to the relevant law provision (Criminal Code – Cap 154 section 100) and strict penalties are foreseen. The provision of money or anything else of value, no matter how small, to any public official for the purpose of influencing them in their official capacity is strictly prohibited.

REPORTING
All individuals, including members of staff, are encouraged to report any suspicions they may have of bribery or corruption. Furthermore the Bank established a whistleblowing procedure to facilitate reporting issues.

Compliance Governance

Ancoria Bank has created and implemented an integrated compliance culture that is disseminated at all hierarchical levels of the Bank and is based on a sound understanding of laws, regulations, standards and best practices as well as the Compliance Risks involved as it is of high importance for the Bank.

In light of the above, the Bank established an independent Compliance Function, which in turn is responsible for implementing an appropriate compliance framework to ensure the Bank’s on-going compliance, and adopted a Compliance Governance Policy approved by the Board.

Moreover, ad-hoc and regular reports on compliance issues are submitted by the Compliance Function to the Board, the senior management and to the Regulators.

Data Protection

The Bank acknowledges that it is necessary to collect and process certain information for individuals to conduct its business operation.

This policy describes how personal data are collected, used, stored and processed in general in order to meet Ancoria Bank’s data protection standards and the applicable legal and regulatory provisions. The Bank is committed to protecting the privacy rights of individuals and therefore ensures the security and privacy of personal data.

Diversity

Ancoria Bank, as regards to the Board’s composition, embraces diversity and strongly believes that it brings benefits for the customers, bank business and staff. Different perspectives help to ensure that the bank is better equipped to make sound and prudent decisions and also meet the demands of its customer base.

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