Bank of Cyprus becomes profitable in Romania

The lender launched leasing operations in March 2007 and started banking operations in June 2007, targeting the corporate segment, syndicated loans and project financing.

By the end of Q1 2008, the bank’s loan portfolio totaled €349 mln, €52 mln higher than on 31 December 2007. For 2010, the company targets loans totaling €1.5 billion, of which 46 percent for the corporate segment. The ratio of small and medium-sized enterprises is set at 28 percent, while retail will claim a 26 percent share.

By 2010, the lender plans to expand to 40 units, as it plans to expects to open 7 branches this year and a total 30 units in 2009 and 2010.