The Bank of Cyprus on Thursday announced the introduction of electronic dividend payments, following the European Central Bank’s approval for a cash dividend payout.
Shareholders now have several options to receive their dividends electronically, ensuring a more convenient and efficient process.
Specifically, shareholders of the Cyprus Stock Exchange (CSE) can choose from a number of methods to receive their dividends.
Shareholders who are customers of the Bank of Cyprus and subscribed to 1bank can submit their instructions to receive dividends directly into their Bank of Cyprus account via internet banking or the BoC Mobile app.
Instructions can be accessed through the Profile/Dividend Payments section on Internet Banking or the Personal Information/Dividend Payments section on the mobile app.
Shareholders who are customers of the Bank of Cyprus but do not have a 1bank subscription can subscribe to 1bank at no cost.
They can then obtain access codes via Internet Banking or the BoC Mobile app and submit their dividend payment instructions accordingly.
Shareholders who do not have an account with the Bank of Cyprus can open one through the BoC Mobile app and then submit their instructions to receive dividends electronically.
CSE shareholders wishing to receive their dividends by electronic transfer to other financial institutions can submit their instructions in writing using the relevant forms, which are available online.
Joint investors and legal entities are required to complete specific forms, available online, to facilitate electronic dividend payments.
Shareholders who wish to receive their dividends electronically must submit their instructions by June 14, 2024, which is 10 working days before the payment date.
Instructions submitted after the deadline will apply to subsequent dividend payments.
“It is noted that due to an amendment in the company’s articles of association, the company no longer has any obligation to send the amount of any dividend payment by cheque if such amount is €2.00 or less,” the announcement said.
“CSE Shareholders who submit instructions for electronic transfers will effectively ensure the payment to them of their dividend irrespective of its amount,” it added.
Finally, the announcement concluded, “according to the new CSE rules, dividends to CSE shareholders who have their shares under the control of an operator (brokerage firm or custodian) will be paid to their operator”.
