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Bank of Cyprus Drives Sustainable Digital Innovation in Financial Services with Kyndryl

June 20, 2022

The Bank inks Kyndryl for an extended managed services agreement through 2027

NICOSIA, Cyprus, June 20, 2022—Kyndryl, the world's largest IT infrastructure services provider and Bank of Cyprus, the leading banking and financial services group in Cyprus, announced an agreement to expand their collaboration with a new five-year managed IT services program that advances the Bank’s ESG commitments through 2030, by supporting the Bank’s levels of service, giving access and visibility to its products to all stakeholders.

The Bank’s vision is to lead the transformation of Cyprus into a sustainable future, and the Bank’s digital agenda is a key enabler for this vision to materialize. The Bank’s digital agenda translates to better, cheaper, safe products and services, which are available to all. Digital innovation supports the Bank’s commitment to reduce its environmental impact and maximize its impact on selected Sustainable Development Goals. The Bank will continue to enrich its products and services in line with its ESG Strategy and the Recovery and Resilience Plan for Cyprus.

“Bank of Cyprus was ahead of many financial institutions in recognizing that we need to be fast and agile when we transfer our existing business models into digital ones - securely, reliably and cost-effectively,” says George Kousis, Acting Executive Director Technology and Operations, Bank of Cyprus. “The contract with Kyndryl accelerates our digital transformation, allowing us to focus on our core business and improving the speed and the precision with which we develop and introduce personalized digital financial services.”

Kyndryl will assist the Bank of Cyprus to further shape its long-term IT strategy by leveraging digitalization and supporting the development of digital platforms, whilst offering the bank's clients an integrated, automated, and secure banking environment. As part of the agreement, Bank of Cyprus will continue to enjoy managed services for key components of its infrastructure and technology operations, utilizing Kyndryl’s globally integrated delivery mechanisms with the ability to innovate and deploy new levels of service delivery.

At the heart of the agreement, Kyndryl will continue to optimize the bank’s existing IT infrastructure by enhancing standardization, security and automation, as well as streamlining internal IT systems and service management processes. Kyndryl will also work with the bank’s Technology Division to develop a roadmap for transitioning to public cloud using a multi-cloud approach. This will allow Bank of Cyprus to further strengthen its existing reputation as the island’s leading financial institution and become more efficient and personalized when engaging new clients and retaining existing ones. 

“With digitization now driving the way financial institutions provide everything from customer service to investment advice, leading financial institutions find in service innovation a major driver of competitive differentiation,” says Apostolos Leonidhopoulos, Managing Director, Kyndryl Greece and Cyprus.

“Automating processes, digitizing operations and managing services and underlying IT infrastructure in an integrated and unified way is just the right step towards establishing the foundations for the full leverage of analytics, cloud and AI technologies. We are glad that are able to help strengthen Bank of Cyprus's leading position in the financial services industry in Cyprus.”

“Kyndryl is pleased to partner with Bank of Cyprus on its journey to provide advanced services to its customers and we look forward to support Bank of Cyprus to further build a reliable and high performance next-generation IT infrastructure, states Marios Kapiris, General Manager, Kyndryl Cyprus.

About Kyndryl
Kyndryl (NYSE: KD) is the world’s largest IT infrastructure services provider. The company designs, builds, manages, and modernizes the complex, mission-critical information systems that the world depends on every day. Kyndryl’s more than 90,000 employees serve over 4,000 customers in more than 60 countries around the world, including 75 percent of the Fortune 100. For more information, visit www.kyndryl.com.

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