According to reports in the Cyprus press, rapidly-expanding Greek bank NovaBank is exploring the possibility of setting up an operation in Cyprus. The majority shareholders of NovaBank include Banco Commercial Portuges (BCP) and Demetris Kontominas, who is the majority shareholder of Greece's Interamerican life insurance company.
Kontominas is already said to have had in-depth discussions with the Cyprus Central Bank about operating in the financial services market in Cyprus, and the establishment of a brokerage firm is also on the cards.
NovaBank entered the Greek retail market with a simultaneous opening of 45 branches in September 2000 and aims to expand its branch network in Greece to 90 by the end of this year. Kontominas had business interests in Cyprus until five years ago, when Interamerican (Cyprus) Ltd was sold first to the the Shacolas group, then to the Laiki Group.
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