The sale of Bank of Cyprus UK Limited, which was announced back in September, has now been concluded, introducing a new name to our best buy tables – albeit one based on a well-established existing business.
Bank of Cyprus UK has been acquired by Cynergy Capital Limited. This follows Bank of Cyprus Holdings signing a binding agreement with Cynergy Capital to sell its wholly-owned subsidiary bank in the UK.
Bank of Cyprus UK has been rebranded as ‘Cynergy Bank’, which, according to information from the provider, is a name that was “chosen to reflect the bank’s Cypriot heritage combined with a modern and energetic future”.
The sale was completed on 23 November 2018 and the re-branding took place on 3 December 2018.
This will no doubt be an interesting announcement for many savers, as Bank of Cyprus UK has been a prominent name in the savings market over the last few years and is currently featuring in our fixed rate cash ISA tables.
Below are details of two key accounts that are currently available, which are sitting in joint first position and joint second position of the respective tables;
The provider has featured regularly in our Savings Awards over the years, with a strong showing in our 2018 Awards. And, as announced this week, the provider was highly commended for ‘Best Easy Access Account Provider’ and a finalist for ‘Best Savings Provider for Existing Customers’ in our 2019 Awards.
The good news for those who already hold an account - and also those looking to place funds with the provider – is that there is basically little change for customers.
But who is Cynergy Capital Limited?
Cynergy Capital Limited is led by a consortium comprising Mr. Pradip Dhamecha (OBE), Mr. Balbinder (Bal) Sohal, Mr. John Coulter and Ms. Ann Jones. The consortium investors are experienced business owners in the UK, focused on the retail and SME sectors (small and medium-sized enterprises).
There is a comprehensive set of Q&As on the provider’s website to cover many of the questions that will have arisen from the completion of the sale, but there are some key points to highlight for those who may have concerns about the safety of their money.
Funds held with the Cynergy Bank will still be covered by the Financial Services Compensation Scheme (FSCS) following the sale - as they were with Bank of Cyprus UK - up to a limit of £85,000 per person. The bank remains a UK incorporated and authorised bank.
The overriding message from Cynergy Bank is that it will be a case of ‘business as usual’, with no change to the facilities, agreements, terms and conditions or relationships with its customers as a result of the sale.
For further information, click here for the full set of Q&As on the Cynergy Bank website or call us on 0800 011 9705.
So, with the information available pointing towards business as usual as far as existing customers are concerned, it will be interesting to see whether Cynergy Bank retains Bank of Cyprus UK’s competitive edge and maintains its place in our best buy tables.
Watch this space as we keep you up to date on how the new name performs going forward.
If you need any help with finding the accounts that are most suitable for your needs, please call us on 0800 011 9705 to speak to one of our expert savings specialists.
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