Bank of Cyprus Holdings PLC Change of Group External Auditors (3513J)
June 27 2017 - 1:00PM
UK Regulatory
TIDMBOCH
RNS Number : 3513J
Bank of Cyprus Holdings PLC
27 June 2017
Announcement
Change of Group External Auditors for accounting periods
commencing on 1 January 2019 and thereafter
Nicosia, 27 June 2017
Bank of Cyprus Public Company Limited (the "Bank"), in its
Annual Corporate Governance Report 2016, announced its intention to
conduct an audit tender during 2017, in the context of the EU
Regulation on audit reform of public interest entities and its
implications relating to the mandatory rotation of its current
external auditors, EY (Ernst & Young).
A competitive tender process, overseen by the Audit Committee of
Bank of Cyprus Holdings Public Limited Company ("BOC Holdings" and,
together with its subsidiaries, the "Group"), has recently been
undertaken and the Board of Directors of BOC Holdings has approved
the Group Audit Committee's recommendation for the appointment of
PricewaterhouseCoopers LLP ("PwC UK") as the external auditors of
the Group and PricewaterhouseCoopers Ltd ("PwC Cyprus") as the
external auditors of the Bank for accounting periods commencing on
1 January 2019 and thereafter. The appointment of PwC UK and PwC
Cyprus (together "PwC") will be recommended to the shareholders of
BOC Holdings for approval on an advisory non-binding basis at the
2019 Annual General Meeting.
EY will continue in its role and shall audit the Group's interim
and annual financial statements for the financial years ending 31
December 2017 and 2018.
Mr Yiannis Zographakis, Chairman of the Group Audit Committee,
mentioned "We would like to thank EY for their significant
contribution as our external auditors since their appointment. We
would also like to thank the firms who took part in the tender for
their professionalism and commitment to the process, and we look
forward to working with PwC in their role as external
auditors".
For further information please contact Investor Relations at
investors@bankofcyprus.com.
Bank of Cyprus Group Profile
The Bank of Cyprus Group is the leading banking and financial
services group in Cyprus, providing a wide range of financial
products and services which include retail and commercial banking,
finance, factoring, investment banking, brokerage, fund management,
private banking, life and general insurance. The Bank of Cyprus
Group operates through a total of 126 branches, of which 121
operate in Cyprus, 1 in Romania and 4 in the United Kingdom. Bank
of Cyprus also has representative offices in Russia, Ukraine and
China. The Bank of Cyprus Group employs 4,302 staff worldwide. At
31 March 2017, the Group's Total Assets amounted to EUR22.5 bn and
Total Equity was EUR3.1 bn. The Bank of Cyprus Group comprises Bank
of Cyprus Holdings Public Limited Company, its subsidiary Bank of
Cyprus Public Company Limited and its subsidiaries.
Forward Looking Statements
This document contains certain forward-looking statements which
can usually be identified by terms used such as "expect", "should
be", "will be" and similar expressions or variations thereof. These
forward-looking statements include, but are not limited to,
statements relating to the Group's intentions, beliefs or current
expectations and projections about the Group's future results of
operations, financial condition, liquidity, performance, prospects,
anticipated growth, provisions, impairments, strategies and
opportunities. By their nature, forward-looking statements involve
risk and uncertainty because they relate to events, and depend upon
circumstances, that will or may occur in the future. Factors that
could cause actual business, strategy and/or results to differ
materially from the plans, objectives, expectations, estimates and
intentions expressed in such forward-looking statements made by the
Group include, but are not limited to: general economic and
political conditions in Cyprus and other EU Member States, interest
rate and foreign exchange fluctuations, legislative, fiscal and
regulatory developments and information technology, litigation and
other operational risks. Should any one or more of these or other
factors materialise, or should any underlying assumptions prove to
be incorrect, the actual results or events could differ materially
from those currently being anticipated as reflected in such forward
looking statements. The forward-looking statements made in this
document are only applicable as from the date of publication of
this document. Except as required by any applicable law or
regulation, the Group expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward looking statement contained in this document to reflect any
change in the Group's expectations or any change in events,
conditions or circumstances on which any statement is based.
This information is provided by RNS
The company news service from the London Stock Exchange
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