Basic information
of the bankName and background:
Ancoria Bank Ltd was established in Cyprus in 2016 and is licensed and regulated by the Central Bank of Cyprus. Its founder, Sievert Larsson, is a Swedish entrepreneur and philanthropist who founded an insurance company in Cyprus.
Scope of services:
Ancoria Bank has branches in Nicosia, Limassol, and Larnaca in Cyprus, and offers its services through its digital platform, myAncoria, which supports SEPA instant payments.
Regulation & Compliance:
The Bank is regulated by the Central Bank of Cyprus and complies with Cypriot and EU banking regulations. Its deposits are protected by the Cyprus Deposit Protection Scheme, with a maximum protection amount of €100,000 per client.
Key Indicators
of Financial Health:capital adequacy ratio: As of 2024, Ancoria Bank has a total capital ratio of 25.21% and a common equity tier 1 capital ratio of 23.16%, both well above regulatory minimums.
Non-performing loan ratio: Non-performing loans accounted for 1.8%, indicating a low credit risk.
Liquidity Coverage Ratio: The liquidity coverage ratio is 1,299%, which is well above the regulatory requirement of 100%.
Deposits &
LoansDeposit class:
demand deposit rate: The specific interest rate is not disclosed.
Time Deposit Rate: The 12-month time deposit interest rate is 1.20%.
Featured products: Green loan products are available, such as loans for home renovations and the purchase of electric or hybrid vehicles.
Loans:
Mortgages: Housing loans are available, with undisclosed interest rates and conditions.
Car Loans: Loans are available for the purchase of electric or hybrid vehicles.
Personal Line of Credit: Offering myLo@n (personal loan) and myOverdr@ft (overdraft) products, the application process is fully digital, eliminating the need to physically visit the bank to sign the contract.
list of common expenses
account management fee: The current account is free to open, but it is not clear whether there is a monthly fee or an annual fee, please refer to the "Commission and Fee Table" on the bank's official website.
Transfer fees: 24/7 transfers within the Eurozone are supported through the SEPA Instant system, with no specific fees disclosed. Cross-border transfer fees need to be further confirmed.
Overdraft Fee: Overdraft accounts earn interest on a daily basis based on the base rate plus the interest rate differential, depending on the currency.
ATM Interbank Withdrawal Fee: The first 10 ATM withdrawals per month using the Ancoria Bank debit card in Cyprus are free of charge, and the additional fees are not disclosed.
Other fees:
Personal loan processing fee: €25 (myLo@n) + €1 stamp duty.
Full cash-guaranteed loan: 1% facility fee (minimum €50), documentation fee €50 (≤ €30,000) or €80 (>€30,000).
Hidden Fee Warning: Loan products may fluctuate the repayment amount due to variable interest rates, customers should be aware of the minimum balance requirement and the potential early repayment fee.
Digital Service Experience
APP & Online Banking:
myAncoria app: It provides features such as account management, spending tracking, budget setting, and digital loan application, and supports Android, iOS, and Huawei AppGallery platforms.
User Ratings: Positive reviews in major app stores.
Technological innovation:
AI customer service: Provide intelligent customer service functions to improve customer service efficiency.
Open Banking APIs: Supports integrations with third-party financial services, providing a wider choice of financial services.
Customer Service Quality
Service Channel:
24/7 phone support: Round-the-clock phone support is available.
Live Chat: An online chat service is available through the official website.
Social Media Responsiveness: Active on platforms such as Facebook, LinkedIn, Instagram, and YouTube, responding to customer inquiries in a timely manner.
Complaint handling:
The specific complaint rate and average resolution time are not disclosed.
Multi-language support:
English and Greek services are available to adapt to the needs of customers with different language backgrounds.
security
measuresFunds security:
deposit protection: Client deposits are protected by the Cyprus Deposit Protection Scheme, The maximum amount of coverage per customer is €100,000.
Anti-fraud technology: Implement multiple layers of security measures, including real-time transaction monitoring and account activity analysis.
Data security:
- ISO
27001 certification: Implement an information security management system that complies with international standards.
Data breaches: To date, there have been no major data breaches.
Featured Services & Differentiated
Segments:
student accounts: Specialized student loan products are available to support education spending.
Exclusive financial management for the elderly: Provide customized retirement financial solutions to meet the financial needs of senior customers.
High Net Worth Services:
Private Banking: Provides dedicated wealth management services for the investment and financial planning needs of high-net-worth clients.
