The first stage of approval for the establishment of a banking subsidiary in Russia by the Bank of Cyprus Public Company Ltd has been successfully completed, it was announced by the BoC last week.
The Bank revealed in a statement that the first stage of approval was obtained from the Central Bank of the Russian Federation and is subject to the final approval from both the Russian Central Bank and the Central Bank of Cyprus.
The move is seen as particularly significant, as the Group will be the first financial services group from the Cypriot and Greek marketplace that expands to the Russian market, which offers good continued expansion prospects.
Founded in 1899, the Bank of Cyprus Group established its first branch in Greece in 1999, and it has been expanding rapidly since. It has an established banking presence in the United Kingdom, and in 2001 it expanded to Australia through a wholly owned subsidiary bank. The bank also has a branch in the Channel Islands.
In addition to retail and commercial banking, the Group’s activities include finance, factoring, investment banking, brokerage, fund management, life and general insurance.
At 31 December 2005, the Group’s total assets reached CYP12.80bn (EUR22.32bn) and the shareholders’ funds were CYP762mn (EUR1.33bn).
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