Bank of Cyprus targets financing worth €1.2 bln in Romania

According to the bank’s operations development plan, the portfolio will be made up in a proportion of 46 percent of corporate loans, 28 percent for small and medium-sized companies, and the remainder for individuals.

Last year, Bank of Cyprus expenditures on the Romanian market amounted to €6 mln, as a result of the opening of bank branches and of a leasing subsidiary. The bank came onto the Romanian market in 2007, initially offering leasing services, and as of June launching banking services, with a focus on the corporate banking segment. At present, Bank of Cyprus has four branches in Romania, including in Bucharest.

Bank of Cyprus wants to increase the number of its branches by 2010 to 40 units, to take advantage of major development opportunities in Romania’s banking sector, driven by an economic advance of some 6 percent. Of these units, 22 will be in the capital.

The bank is planning to finance several projects, participate in syndicated loans, and several projects financed by the European Union. Bank of Cyprus posted a net profit last year of €485 mln, up 55 percent compared to the €313 mln year-on-year. By the end of 2007, its total assets amounted to €31.76 bln, up 28 percent compared to 2006.